Infrastructure lender, PTC India Financial Services (PFS) is planning to mop up Rs 50 crore from sale of over 16% stake in the country’s largest power bourse, Indian Energy Exchange (IEX). At present, the company holds 21.12% stake in the power exchange and will divest more than 16% to one or more overseas players. The sale is expected to be complete by end of December.
The promoters of IEX include diversified group Financial Technologies (India) and PFS, a group company of leading power trading solutions provider PTC India. Other key shareholders of IEX include Adani Enterprises, Infrastructure Development Finance Company (IDFC), Lanco Infratech, Reliance Energy, Rural Electrification Corporation (REC) and Tata Power Company.
PFS has already approached the Foreign Investment Promotion Board (FIPB) for the planned stake divestment. The proposed stake sale is part of efforts to comply with the regulatory requirements. As per the Central Electricity Regulatory Commission (CERC) norms, an entity trading in electricity cannot have more than five percent in a power exchange.
Last fiscal, PFS had sold 4.88% stake in IEX at a price of Rs 115.41 per share and brought down its shareholding to 21.12%. A non-banking finance company, PFS has sanctioned loans worth Rs 2,255 crore so far this fiscal. The company posted 11% increase in profit after tax at Rs 22.64 crore for the three months ended September.
Recently, PFS sanctioned financial assistance aggregating to Rs 716 crore to 4 power projects in the current quarter taking the aggregate amount of loan sanctions to Rs 2,255 crore till date in FY12.
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