In 2022, the power ministry approved a proposal for stake sale by four promoter public sector undertaking (PSUs)—NTPC, NHPC, Power Grid Corp. and PFC—which have a 16.22% stake in the listed firm, following which the PSUs had appointed ICICI Securities as the merchant banker for the proposed transaction. Each of the four promoters hold 4.05% in the listed entity.
Although the government wanted to exit the company amid allegations of corporate misgovernance in PTC, and its subsidiary PTC India Financial Services (PFS), now the rethink is being guided by the rationale that the government’s stake provides credibility to the firm, and its NBFC arm, and would keep them viable. The Centre’s stake would also help the NBFC borrow at cheaper rates, thereby supporting India’s energy transition roadmap.
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