Power Trading to announce IPO details today

The Hindu, Thursday, Feb 26, 2004

NEW DELHI, FEB. 25. Power Trading Corporation of India (PTC), which goes public on March 1, will come out with details of its initial public offering (IPO) tomorrow. The corporation will hit the capital market with an IPO for 5.85 crore shares at Rs. 10 each and will be open for subscription from March 1 to 8, the corporation's CMD, T. N. Thakur, said. The corporation 5.85 crore shares to the public. At present, PTC has a paid up capital of Rs. 91.50 crores, which is expected to increase to Rs. 150 crore after the IPO.

The corporation has recently signed a power purchase agreement (PPA) to buy 750 MW from the Australia-based Snowy Mountain Engineering Company (SMEC), which is setting up a plant at West Seti in Nepal. It has also decided to focus on cross-border power trading and look at opportunities mainly in the power-surplus Nepal, Bhutan and Bangladesh.