Goldman, Macquarie to pick up stake in PTC arm

PTC India Financial services, subsidiary of PTC India, will soon get Goldman Sachs Strategic Investments and Macquarie Securities Asia on board as 'strategic financial partners'.

The companies will pick up 20 per cent each in PTC Financial Services, a non-banking finance company (NBFC). The total investments could be Rs 50-60 crore (Rs 500-600 million), including a premium of Rs 3-5 on a face value of Rs 10 a share, according to company executives.

"FIPB has already given its approval for this investment. We are now finalising the shareholder's agreement," said a senior PTC executive.

PTC India will continue to hold the remaining 60 per cent stake in the NBFC.

"The company's main objective is to encourage investments in the energy sector," said the executive. PTC Financial Services will provide equity and debt financing to power projects.