The shares of the small cap power company opened on a strong note on Friday and gained 6% after it agreed to ONGC’s bid to acquire one of its subsidiaries for Rs 925 cr.
With a market capitalization of Rs.4,095 cr, the shares of PTC India gained 6% and were trading at Rs 147 levels till the afternoon. The share reached an intraday high of Rs 151.50 during the day.
In an exchange filing, the company mentioned that the Board Meeting held on 19th October 2023 has approved the bid submitted by ONGC Ltd. for acquisition of wholly owned subsidiary of PTC India Limited i.e. PTC Energy Limited (PEL) at an equity value of Rs 925 Crores subject to adjustments in bid value as per the bid format.
Furthermore the company added that the acquisition is subject to shareholder’s approval of PTC India Limited as per applicable regulation.
The power trading solutions provider’s total income rose to 4,847.8 cr in the last quarter compared to Rs 3,624.95 cr in the March quarter. The consolidated net profit of the company stood at Rs 142.14 cr for the April-June quarter in FY24 compared to Rs 129 Cr in the previous quarter.
According to the latest shareholding pattern of the company,the company has a high FII holding of 27.47 percent. Further, DIIs holds 11.20 percent of stake and the promoters hold 16.22 percent. The remaining 45.11 percent lies with the public.
PTC India Ltd, is the leading power trader in the Indian Power market for 24 years. PTC India has played a crucial role in transforming the electricity trading landscape of the country. Throughout its journey the company has played a pivotal role in transforming the electricity trading landscape of the country.
Its subsidiary PTC energy was formed in 2008 to develop an asset base and included the business of import and export of coal,power generation,supply,and distribution of power.
Written by Vaibhav Patil
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