Shares of PTC India Financial Services advanced over 10%, touching the weekly high of Rs16.40, after the company said it sold its part stake in Indian Energy Exchange at over 16 times its investment cost.
PTC India Financial Services (PFS) said it has divested 14.01% stake in Indian Energy Exchange ( IEX) at Rs166.51 per share, aggregating to Rs70.76 crore. PFS had subscribed to IEX's shares at face value of Rs10 per share. During the year ended March 2011, PFS had divested part stake in IEX at Rs115.41.
IEX is India's first electricity exchange and offers an online electricity trading platform for trading, clearing and settlement operatons. It was jointly promoted by Financial Technologies (India) and PFS in 2007. PFS had earlier sold a 5% stake in IEX to Bessemer Venture and Lightspeed Venture Partners. According to reports, PFS originally held 26% in IEX.
Separately, PFS announced today, 30 March 2012, that its long term tax saving secured infrastructure bonds have been subscribed 300%. The company had opened its second long term infrastructure bond offering of Rs50 crore with an option to retain oversubscription for issuance of additional infrastructure bonds. The offer was open between December 30, 2011 and March 27, 2012. The company raised around Rs162 crore through the issue.
The bonds carry an interest rate of 8.93% per annum on option I and II for 10 year bonds, with an option for buyback after 5 years and 9.15% per annum for option III and IV for 15 year bonds with an option for buyback after 7 years.
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PTC India Financial Services (PFS) said it has divested 14.01% stake in Indian Energy Exchange ( IEX) at Rs166.51 per share, aggregating to Rs70.76 crore. PFS had subscribed to IEX's shares at face value of Rs10 per share. During the year ended March 2011, PFS had divested part stake in IEX at Rs115.41.
IEX is India's first electricity exchange and offers an online electricity trading platform for trading, clearing and settlement operatons. It was jointly promoted by Financial Technologies (India) and PFS in 2007. PFS had earlier sold a 5% stake in IEX to Bessemer Venture and Lightspeed Venture Partners. According to reports, PFS originally held 26% in IEX.
Separately, PFS announced today, 30 March 2012, that its long term tax saving secured infrastructure bonds have been subscribed 300%. The company had opened its second long term infrastructure bond offering of Rs50 crore with an option to retain oversubscription for issuance of additional infrastructure bonds. The offer was open between December 30, 2011 and March 27, 2012. The company raised around Rs162 crore through the issue.
The bonds carry an interest rate of 8.93% per annum on option I and II for 10 year bonds, with an option for buyback after 5 years and 9.15% per annum for option III and IV for 15 year bonds with an option for buyback after 7 years.
....more info