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PTC India jumps 5% as co mulls selling non-core assets

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NEW DELHI: Shares of PTC India surged in Wednesday's trade after reports that the company was looking to raise Rs 2,000 crore. The firm is looking to exit its non-core businesses and is planning to sell two subsidiaries.

According to ET, it is in negotiations with potential suitors to sell two subsidiaries — nonbank lender PTC Financial Services and renewable energy firm PTC Energy. The stock surged 5.5 per cent to Rs 59.45 on BSE. PTC India is promoted by state-owned power utilities, Power Finance Corporation (down 2.6 per cent), NHPC (down 0.7 per cent) and Power Grid Corporation of India (up 3.3 per cent). It owns 65 per cent in the listed PTC India Financial Services (PFS).

Wholly-owned subsidiary PTC Energy has a portfolio of 289 MW. The company’s shareholders are focusing on its core business of power trading and exiting non-core businesses, a company spokesperson said.

PTC has sought shareholders’ approval for the share sale. PTC decided to exit both businesses because its shareholders, as well as those of its promoters, have been demanding optimisation of resource allocation.

Over the period, PTC has invested about Rs 1,400 crore in these companies, according to ET report. The firm's financial services arm PTC Financial Services was trading 8.5 per cent higher at Rs 14.01 on BSE.




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