Power trading firm PTC India today said it is planning to list its financial services arm -- PTC India Financial Services Ltd (PFS)-- on exchanges and a public issue is likely to be floated by the next fiscal.
"We have to recapitalise PTC India Financial Services and therefore we have decided that during the next financial year we will like to do an initial public offer (IPO)," PTC India CMD T N Thakur said on the sidelines of an Assocham conference here.
PTC India Financial Services Ltd (PFS) is an investment special purpose vehicle of PTC India established with a mandate to provide financial services in the energy value chain.
"We have decided internally. But a formal decision has not been taken. But in principle we agree that there would be an IPO next fiscal," Thakur, who is also CMD of PFS, said.
Apart from PTC as a promoter having 77.60 per cent stake, GS Strategic Investments Ltd and Macquarie India Holdings Ltd have an 11.20 per cent stake each in the equity of PFS as on March 31, 2009, information available on the company's website shows.
PFS was incorporated during September 2006 and commenced its business from May 2007. The firm holds 26 per cent equity in India's first power exchange -- Indian Energy Exchange.
