Having marked its presence in the critical infrastructure sector in just two years of its setting up, Power Trading Corporation is all set to tap capital market to raise equity by Rs 30 crore (Rs 300 million).
"The board has given in-principle approval to go for an initial public offering in the current financial year to raise Rs 30 crore. We have already started the process and financial consultants will be appointed soon," T N Thakur, PTC chairman and managing director, told reporters.
The decision has been taken close on the heels of Financial Institutions -- IDBI, IFCI, IDFC, LIC and GIC -- picking up stake in PTC totalling Rs 18.5 crore (Rs 185 million) taking the total paid-up capital to Rs 74.5 crore (Rs 745 million), Thakur said.
Deal with the financial institutions was finalised in December 2002, Thakur said, adding that besides financial institutions, Tata Power and Damodar Valley Corporation have also picked up equity worth Rs 10 crore (Rs 100 million) each.
Meanwhile, PTC announced a quantum jump in the turnover to Rs 927 crore (Rs 9.27 billion) during 2002-03 up from Rs 364 crore (Rs 3.64 billion) in the previous year, Thakur said, adding that the corporation was looking forward to cross the Rs 4,000 crore (Rs 40 billion) mark by 2006-07.
The profit before tax stood at Rs 19.53 crore (Rs 195.3 million) as against Rs 7.66 crore (Rs 76.6 million).
PTC has continued to pay 7 per cent dividend for the second consecutive year to its four promoters -- NTPC, PGCIL, PFC and NHPC.