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PTC India Financial slips below issue price
PTC India Financial Services has disappointed the street on the first day on exchanges, with the falling more than 8% to Rs 25.65 a share as against Rs 28 in early trade.
PTC India Financial Services has disappointed the street on the first day on exchanges, with the falling more than 8% to Rs 25.65 a share as against Rs 28 in early trade. A share opened at its issue price and immediately touched a low of Rs 24.65 on the Bombay Stock Exchange.
On the National Stock Exchange, the stock was trading at Rs 25.50, down nearly 9%, after opening at Rs 26.75 a share. Traded volume on both exchanges was more than 1.4 crore equity shares.
It is an Indian non-banking financial institution promoted by PTC India. The company received Rs 438.76 crore through the issue, which consisted a fresh issue of 12.75 crore equity shares and an offer for sale of 2.92 crore shares by Macquarie India Holdings Limited.
The company intends to utilise the proceeds from the only fresh issue about Rs 357 crore for augmenting capital base to meet future capital requirements arising out of growth in business.
