PTC India Financial Services, a subsidiary of PTC India, today revealed plans to go public and raise upto Rs 700 crore during the current financial year, for funding its' business expansion activities.
"We are trying for the listing (of PTC Financial Services) between September and November this year, we will try and do it as early as possible", said CMD PTC India T N Thakur at an Assocham event.
While not disclosing the expected funds from the IPO sale, Thakur said, "We have to raise Rs 600-700 crore this (financial) year, partly through the IPO and partly through private placement."
PTC Financial Services' present equity capital is Rs 600 crore, of which 77 per cent is held by PTC India and 11.5 per cent each by Goldman Sachs and Australia's Macquarie.
Formed in 2008-09 for providing equity support to power projects in the country, the company also invests in renewable energy projects including wind farms and biomass projects.
It is also looking at acquiring coal blocks abroad and has shortlisted mines in Australia and Indonesia, where the fuel is available in abundance. It would import the dry fuel from its overseas properties and sell it in India.