PFS plans to raise Rs 150cr through issue of infra bonds

PTC India Financial Services (PFS) plans to raise up to Rs 150 crore through issue of tax-saving bonds in the current fiscal. PFS, which is part of power trading solutions provider PTC India, would utilise the proceeds for various financing activities in the power sector.

"The company being an Infrastructure Finance Company also contemplates with another series of Infrastructure Bonds aiming to collect around Rs 1,500 million (Rs 150 crore), once the necessary notification in this regard is issued by the Government of India," PFS said today.

The bonds would be issued in the current fiscal. In 2010-11, the company had mopped up about Rs 42 crore through infrastructure bonds. In a statement, PFS said it has sanctioned debt worth Rs 45.7 crore to two companies which are developing solar power projects in Gujarat. This loan would help iin setting up capacity generation of 20 MW.

"We provide financing to thermal power projects as well as those in the renewable energy space... We participate in debt, equity and upfront financing for CER (Certified Emission Reduction)," PFS Director Ashok Haldia told PTI. According to him, PFS has sanctioned loans for about 20 renewable projects.
 The effective debt sanctioned by PFS to power projects stood at more than Rs 4,545.7 crore as on August 12. 

The company provides fee-based syndication and other services as well as carbon credit financing against CER. For the quarter ended June, PFS raked in a profit after tax of Rs Rs 10.24 crore.