PTC India is looking to give up its controlling stake in PTC India Financial Services. “The Board of Directors of PTC India Ltd (company) had recommended a proposal to the shareholders regarding dilution of the company’s holding in its subsidiary PTC India Financial Services Ltd (PFS),” the company said in a statement to BSE.
This dilution is to be done in a form and manner which is determined to be in the interest of the company and its shareholders, the statement said.
The process was delayed because of the ongoing Covid-19 pandemic, and now requisite internal approvals have been received to re-initiate the process of exploring opportunities for monetising the company’s investment in PFS, the statement added.
The last date for submission of interest by a bidder is July 31, 2020, the statement said.