PTC India Financial services Ltd announces resolution of NPA loan account in hydro power segment

PTC India Financial services (PFS) has achieved resolution of one of its NPA loan account in the hydro segment namely Dirang Energy Private Limited - 2 x 72 MW HydroElectric Project, in West Kameng District of Arunachal Pradesh.

The resolution was achieved under the One Time Settlement (OTS) proposal offered by borrower's promoter company, 'Patel Engineering Ltd' (PEL) to all the consortium lenders on bilateral basis. PFS has already issued the Letter of Acceptance (LOA) to the OTS proposal offered to PFS at a consideration of Rs. 41.37 crore comprising of Rs. 9 crore cash and Rs. 32.37 crore through issuance of PEL equity share listed in BSE & NSE. The documentation process is at the advanced stage. It is pertinent to mention that out of total principal outstanding of Rs. 74.25 crore, PFS had already made provisioning of Rs. 54.14 Cr. as on quarter ended 30th September 2020.

Post closure of the above mentioned transaction, PFS stressed loan portfolio is expected to come down by Rs. 74.25 crore with a significant write-back on the provisioning already made.

Shares of PTC INDIA FINANCIAL SERVICES LTD. was last trading in BSE at Rs.19.8 as compared to the previous close of Rs. 19.85. The total number of shares traded during the day was 65135 in over 319 trades.

The stock hit an intraday high of Rs. 20.1 and intraday low of 19.7. The net turnover during the day was Rs. 1295617.

Source : Equity Bulls

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