Non-banking financial institution PTC India Financial Services, promoted by PTC India, has plans for raising nearly Rs440 crore through public issue of 15.67-crore shares. The 100 per cent book building is to comprise of a fresh issue of 12.75 crore equity shares by the company and an offer for sale of 2.92 crore shares by Macquarie India Holdings.
The company has fixed a price band of Rs26 and Rs28 per share and at the upper end of price band, the firm plans to raise Rs438.76 crore through the issue. With the IPO, the stake of Macquarie India Holdings' stake would reduce from 11.20 per cent to 3.46 per cent (1.946 crore shares). The shares had been acquired by Macquarie India at Rs16 apiece in early 2008. The foreign investor would make a cool profit of Rs29.2 crore with the partial exit at the time of IPO.
Another investor GS Strategic Investments would hold on to its stake of 4.86 crore shares, but its stake would reduce to 8.66 per cent from 11.20 per cent due to expanded equity base.
''PTC India Financial Services' public issue is bigger one after the recent Tata Steel issue, and we are hopeful of a strong response to the issue,'' said
Tantra Narayan Thakur, its managing director, during the company's pre-share sale conference.
The public issue which will open on 16March will be open till 18March.
PTC India Financial is offering a discount of Re1 to the issue price to retail individual bidders. All anchor investors would be allowed to bid on 15March.