PTC India Financial Services Ltd (PFS) appears to have hit a jackpot raising Rs 70.76 crore from the sale of part of its stake in Indian Energy Exchange Ltd (IEX) at a price that was about 50 per cent higher than what it got last year for similar sale.
What is interesting to note is that another key promoter of IEX is Financial Technologies (India) Ltd which has significant stake in Multi Commodity Exchange of India (MCX). Shares of MCX, that recently went public, are trading at a substantial premium to the offer price.
According to PFS, the company had divested 14.01 per cent stake in IEX at Rs 166.51 per share, aggregating Rs 70.76 crore. During FY 2011, it had divested part of its stake in IEX at Rs 115.41 per share, indicating that the share price has appreciated by nearly 50 per cent in about a year.
The company had acquired its stake in IEX at Rs 10 per share. PFS, however, did not disclose who bought now its stake in IEX, an unlisted entity. PFS had earlier sold a 5 per cent stake in IEX to Bessemer Venture Partners and Lightspeed Venture Partners.
According to IEX web site, while Financial Technologies (India) Ltd was the promoter of IEX, the co-promoter was PTC India Ltd. The key partners/investors in the venture included IDFC, Adani Enterprises, Reliance Energy, Lanco Infratech, Rural Electrification Corporation (REC), Tata Power Company and Lightspeed Venture Partners & Bessemer Venture Partners.
PFS is a non-banking finance company promoted by PTC India Ltd (formerly known as Power Trading Corporation of India Ltd). The key promoters of PTC India are NTPC, NHPC, PFC and Power Grid Corporation of India, each holding 4.07 per cent stake