Goldman Sachs, Macquarie to invest Rs 77.87 cr each in PTC arm

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Country's top power trading firm PTC India said global investors Goldman Sachs and Macquarie India Holdings Ltd will pick up 20 per cent stake each in the company's newly-floated subsidiary PTC India Financial Services Ltd.

"PTC India Financial Services (PFS), Goldman Sachs and Macquarie India Holdings have entered into a share subscription agreement and shareholders agreement, pursuant to which, Goldman Sachs and Macquarie have agreed to subscribe to 20 per cent each of the aggregate issued share capital of PFS," PTC India said in a statement.

Goldman and Macquarie would each invest Rs 77.87 crore in PFS, a non banking finance company that has been set up to undertake investments across the energy value chain, a source said.

Both Goldman and Macquarie would subscribe to 4.86 crore shares of Rs 10 each at a premium of Rs 6 per share, the source added.

PTC India would invest Rs 146 crore to hold 14.6 crore equity shares, representing 60 per cent of equity in PFS with a share capital of about Rs 300 crore, the source said.

The completion of the transaction is subject to PTC, PFS, Goldman Sachs, and Macquarie obtaining all approvals. FIPB has already accorded its approval to PTC India for inviting equity participation from Goldman Sachs and Macquarie for up to 40 per cent of paid-up capital of PFS, the statement said.

N M Rothschild & Sons (India) Pvt Ltd was the sole sell side advisor on the transaction.