Tata Power has sold 4.2% in PTC India in the open market for about Rs 50 crore. Tata group’s power generation arm was one of the early investors in PTC, formerly Power Trading Corporation. The partial stake sale comes at a time when PTC has announced it will raise Rs 1,200 crore from the market to fund expansion plans. Existing investors would be required to pump in more money or see their stake come down.
Just before the initial public offering (IPO) of PTC in March 2004, Tata Power was the single largest stake holder in the company having about 16% stake. In fact, its stake was higher than the individual holdings of the four PSU promoters — NTPC, NHPC, PFC and PGC. Tata Power’s holding came down after the IPO to about 10% and till June 2007 it remained the single largest equity holder.
(Source: Economic Times )
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