PTC India invites bids for stake buy in subsidiary PFS

PTC India has invited bids from interested investors for acquiring the company's controlling stake in its subsidiary PTC India Financial Services. According to the website of PFS, PTC India holds 64.99 per cent stake in the company.

PTC India has invited bids from interested investors for acquiring the company's controlling stake in its subsidiary PTC India Financial Services. PTC India is the leading provider of power trading solutions in India.

In a BSE filing on Thursday, PTC India said it has plans of divesting its controlling stake in PTC India Financial Services (PFS). "Subsequent to delays on account of the ongoing COVID-19 pandemic, requisite internal approvals have been received to reinitiate the process of exploring opportunities for monetizing the company's investment in PFS. PTC...hereby invites potential purchaser(s)/ investor(s) to submit their interest," the company said.

The last date for submission of interest by a bidder is July 31, 2020, it said. According to the website of PFS, PTC India holds 64.99 per cent stake in the company.