PTC India in sale talks,eyes IPO

Power trader PTC India is talking to private equity firms to dilute stake in its unit PTC India Financial Services,before going in for an initial public offer some time this year,a top official said.

It expects to meet the capital needs of the financial serivces unit,pegged at 57 billion rupees,via the sale,IPO and other means,chairman and managing director T.N.Thakur said on Tuesday. They require 5,700 crores,and they will raise it through IPO and pre-IPO. The IPO would be definitely in this financial year. I would like to bring it in the calendar year (if possible).