ptc-india-qip-raises-105-million

PTC India QIP raises $105 million

Two India placements in two consecutive days could signal the start of a rush of local companies tapping the equity capital markets.

PTC India, a power trading company, yesterday raised Rs5 billion $105 million through a qualified institutional placement that was completed before the Indian markets opened. The deal comes just one day after Suzlon Energy raised $110 million in another placement, suggesting that the market boost following the Indian government elections earlier this month has revived corporate willingness to tap the markets for capital. 

The Suzlon deal was, however, not a new share issue, but a sell-down of secondary shares by the promoter group, which will inject the funds raised back into the company.

Yesterday, a total of 66 million primary PTC shares were on offer, representing 22.67% of the post issue share capital....

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