PTC India Financial to list shares on March 30

PTC India Financial Services, Indian non-banking financial institution promoted by PTC India, has fixed March 30 as its listing date for its equity shares on the exchanges.

Issue has been fixed at Rs 26-28 a share, which is the higher end of price band. Retail investors received shares at a discount of Re 1 to the issue price.The company received Rs 438.76 crore through the issue, which consisted a fresh issue of 12.75 crore equity shares and an offer for sale of 2.92 crore shares by Macquarie India Holdings Limited.

The IPO was subscribed just 1.7 times, reserved portion of qualified institutional investors was subscribed 2.85 times followed by retail investors with 1.18 times. Non-institutional investors’ portion remained undersubscribed.

The company will not receive any proceeds from the offer for sale, which is about Rs 81.76 crore. The company intends to utilise the proceeds from the fresh issue about Rs 357 crore for augmenting capital base to meet future capital requirements arising out of growth in business.

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