PTC India Financial Services divested part of its stake in Indian Energy Exchange (IEE). The company offloaded 14% in IEE for Rs 70 crore and it still holds 5% stake.
The CERC (Central Electricity Regulatory Commission) norms, which were introduced about year-and-half ago, traders and their associates are not permitted to hold more than 5% stake in power exchanges. Following the time limit given by the CERC, the company started divesting, Ashok Haldia, Director, PTC Financial Services told CNBC-TV18. Below is the edited transcript of the interview. Also watch the accompanying video. Q: Give us some update on the divestment of Indian energy exchange. How much have you all racked up in terms of a total amount and how much do you all hold in that exchange now, what do you plan to do with the rest of it and what do you plan to do with the funds as well? A: We have sold out 14% of our stake at a consideration of about Rs 166 per share and the total amount about Rs 70 crore and we still have with us 5% stake. As per the CERC (Central Electricity Regulatory Commission) norms we can continue to hold 5% stake and we feel that we should continue to hold in the times to come. Q: So you sold it because of regulatory reasons? The CERC doesnDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
