PTC India Ltd is planning to divest the controlling stake in its financial services arm PTC India Financial Services (PFS).
The last day of submission of Interest by a bidder is July 31, 2020, PFC said in a filing with the BSE. PTC held a 64.99 per cent stake in its financial services arm as on March 31, 2020.
<p> PFS stock closed 1.1 per cent lower at Rs 13.7 per share on BSE.</p> <p> The requisite internal approvals have been received to reinitiate the process of exploring opportunities for monetising the Company’s investment in PFS.</p> <p> PTC financial Services, on standalone-basis, reported a sharp drop in annual profit to Rs 109.99 crore for FY20 from Rs 184.14 crore in FY19.<br></p> <p> Its total Income for FY20 increased by 2.5 per cent to Rs 1,369.71 crore compared to Rs 1,336.51 crore in FY19.</p> <p> The total outstanding credit stood at Rs 11,394 crore as on March 31, 2020. Loan assets amounted to Rs 11,005 crore and outstanding non-fund based commitments amounted to Rs 389 crore.</p> <p> The Gross Non Performing Accounts (GNPAa) stood at 6.77 per cent and Net NPAs at 3.62% as on March 31, 2020.</p> <p> Its Capital Adequacy Ratio (CAR) as on March 31, 2020 stood at 23.72 per cent comprising Tier I at 23.14 per cent and Tier II at 0.58 per cent.</p> </span>
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