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PTC India Financial Services makes weak debut on bourses

Thursday, March 31, 2011
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Mumbai: Shares of PTC India Financial Services made a weak debut on the bourses today, shedding 9.28 percent vis-a-vis their issue price of Rs 28 in early trade on the Bombay Stock Exchange . Shares of PTC India Financial Services opened at Rs 28 apiece, equivalent to their issue price, on the BSE, but within minutes of opening trade, the scrip lost ground and fell by 9.28 per cent from its issue price to trade at Rs 25.40 at 0944 hrs. Shares of the newcomer got off to a weak start on the National Stock Exchange as well. The stock opened 4.46 per cent down at Rs 26.75 a piece and subsequently plunged further to Rs 25.55, down 8.75 per cent from its issue price. PTC India Financial Services, the non-banking financial institution promoted by PTC India, had fixed a price band of Rs 26-28 a share for its initial public offering ( IPO )). The company intends to utilise the proceeds for augmenting its capital base to meet future capital requirements arising out of growth in its business. PTC Financial Services was promoted to make investments in companies engaged in power generation, equipment supply and fuel source projects. The company is focused primarily on power generation projects in India, but also provides fee-based syndication and advisory services as well as carbon credit financing against certified emissions reduction (CER).
Source: PTI
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