PTC India Financial trades below its issue price on debut

PTC India Financial Services has disappointed the street on the first day on exchanges, with the falling more than 12% to Rs 24.50 a share as against Rs 28 in early trade. At 10:51 hrs it touched an intraday high of Rs 28 and an intraday low of Rs 23.50. It was trading with volumes of 11,696,959 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.