PFS eyes Rs 50 cr from 16 stake sale

The promoters of IEX include diversified group Financial Technologies India Ltd and PFS,a group company of leading power trading solutions provider PTC India.

PFS has already approached the Foreign Investment Promotion Board FIPB for the planned stake divestment.

The proposed stake sale is part of efforts to comply with the regulatory requirements. As per the Central Electricity Regulatory Commission CERC norms,an entity trading in electricity cannot have more than five per cent in a power exchange.

Without divulging the names of prospective buyers,sources said the share sale by PFS would also help allay concerns of the investors about the overall power sector and the power exchange business,in particular.

Last fiscal,PFS had sold 4.88 per cent stake in IEX at a price of Rs 115.41 per share and brought down its shareholding to 21.12 per cent. The stake sale and fetched PFS about Rs 14 crore at that time.

Other key shareholders of IEX include Adani Enterprises,Infrastructure Development Finance Company IDFC,Lanco Infratech,Reliance Energy,Rural Electrification Corporation REC and Tata Power Company.

A non-banking finance company,PFS has sanctioned loans worth Rs 2,255 crore so far this fiscal. The company posted a 11 per cent increase in profit after tax at Rs 22.64 crore for the three months ended September.