Power News We love to talk!
PTC India Financial Services, a non-banking infrastructure finance company promoted by PTC India, has sold its entire stake in India Energy Exchange for 132.54 crore.
Prior to the sale, PFS’ investment in IEX was at 1.52 crore. The current equity divestment will provide headroom for growth and the company shall leverage the same to scale up its lending activity and achieve sustained growth, PFS said in a statement on Thursday.
Ashok Haldia, Managing Director, PFS, said the exit (from IEX) has been made at a substantial return on investment and will strengthen the balance sheet, augment the company’s net worth and increase lending in the infrastructure sector.
In March 2016, two funds — India Business Excellence Fund-II and India Business Excellence Fund-IIA — managed by Motilal Oswal Private Equity, acquired 4.1 per cent stake in IEX from Jindal Power for 98 crore.
The exchange was promoted by Jignesh Shah-owned Financial Technologies or FTIL (renamed as 63 Moons Technologies) along with Power Trading Corporation. FTIL was forced to divest its entire stake of 25.64 per cent in the exchange after one of its group companies, National Spot Exchange, failed to settle trade worth 5,600 crore entered on its platform.
In June 2016, the company had entered into a share-sale agreement with a clutch of entities to sell 16.6 per cent stake for 357 crore. Thereafter, it sold the remaining stake in smaller tranches.
In November 2014, FTIL had entered into an agreement with Chennai-based TVS Capital Funds to sell the entire 25.64 per cent stake in the exchange for 577 crore, but the sale was not completed due to legal and regulatory issues.
- PM Modi inaugurates country's second green airport in Vadodara Read more
- IREDA to convert to Green Bank Read more
- Grade reset to dent Coal India's fuel supply pacts realisation: Jefferies Read more
- Oil companies earnings revisions: is this the bottom? Read more
- ONGC chasing its American dream Read more
- Solar sector shining bright in AP, Telangana Read more
- Only notified gas formula, not prices: Government tells Supreme Court Read more
- NTPC fixes March 23 as record date for bonus debentures Read more
- Suzlon Energy's Senvion unit wins 4 UK wind-power orders Read more
- UDAY scheme: Smarter operations must for success Read more