PTC India proposes to raise the money in the next three months and the money would be used for keeping its equity invesments already made in various power projects and also for investments in coal.
According to sources, the proceeds would also be used for capital infusion into its financial arm, the PTC Financial Services, which henceforth would pick up equity in power projects in place of PTC India. The balance would be used for PTC Indias working capital requirement as the company expects a substantial rise in its trading volume. At present, the companys volume of trading is around Rs 3,500 crore annually.
At the end of the second quarter ended September 30, MoUs have been signed for an aggregate capacity of 21,689 mw. PTC India also entered into long-term power purchase agreements (PPAs) totalling 1980-mw during the quarter.
PPAs have been initiated/signed for an aggregate capacity of 10,433.8 mw. Long-term power supply agreement (PSA)/MoU have also been signed for an aggregate capacity of 5011.5 mw.
It must be also mentioned that the PTC board has also approved increasing FII investment limit to 60% from the present 40%.
PTC posted a 32% rise in the net profit for the second quarter ended September 30, at Rs 11.40 crore as against Rs 8.65 crore in the year-ago period.
Total income during the quarter was at Rs 1473.61 crore, a rise of 12% from Rs 1,318.54 crore in the year-ago period.