PTC India raises $105 Million via QIP

By siliconindia   |   Wednesday, 27 May 2009, 11:30 Hrs
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PTC India raises $105 Million via QIP
Bangalore: PTC India, a power trading firm has raised $105 million through a qualified institutional placement (QIP). A total of 66 million primary PTC shares were on offer, representing 22.67 percent of the post issue share capital.

The deal was priced at 75 a share and the shares held up well though it was equal to a 16.2 percent discount over the closing price on 25th May. The offering was fully subscribed after four hours of bookbuilding, closing approximately 2.4 times covered. A small number of mutual funds and foreign institutional investors acted as cornerstone investors. Many orders came from India and the rest of Asia, with some interest from Europe and the U.S. Kotak Mahindra Capital and DSP Merrill Lynch were joint global coordinators and lead managers on the deal. This is the eighth largest placement in India this year, according to Dealogic. Year-to-date, Indian placements have raised a total of $2.7 billion, split on 16 deals. Even though there has been a couple of big deals - a $781 million sell-down in DLF and a $535 million QIP by Indiabulls Real Estate, both property companies - levels are still 67 percent down on the $8.3 billion worth of deals that had been completed by this time last year.

Earlier this week, Suzlon Energy had also raised $110 million in another placement. Market watchers are already speculating that this could be the start of a flurry of local companies tapping the market for capital.

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