PTC India plans to put on the block its entire stake held in its listed subsidiary, PTC Indian Financial Services (PFS). This plan was for divestment was mooted way back in August 2019 but bureaucratic delays and then Covid delayed this almost a year. The company has revived this plan again, in a bid to monetise its stake from this non-core business.
PTC India has a 64.99% stake in PFS and is currently valued at around Rs.600 crore.
The company has invited potential suitors or investors to submit their expression of interest by July 31.
PFS is has an infrastructure finance company status and this makes it attractive as any NBFC or mutual fund that takes over will automatically get the license to float an infra fund.
The stock which had closed yesterday at Rs.48.15, is currently surging and at its high point of the day at Rs.50.90, up almost 6%. Its 20% UC for the day is at Rs.57.75.