PTC India has announced that the company has raised Rs 1,200 crore through the qualified institutional placement (QIP) route. After the issue, company’s paid-up capital has increased to Rs 227.41 crore from Rs 150 crore earlier.

The company has allotted 7.41 crore equity shares of Rs 10 each at an issue price of Rs 155 per share aggregating Rs 1,199.94 crore in favor of qualified institutional buyers (QIBs), an official release stated.

PTC India Limited provides power trading solutions in India. The company’s trading activities include long term trading of power generated from power projects, as well as short term trading arising as a result of supply and demand mismatches. It also involves in coal trading. In addition, the company provides advisory services to power generating organizations. It sells power to industrial and bulk consumers, as well as to various State utilities.

Sources informed that the company intends to use the net proceeds of the issue for enhancing the capital adequacy, capitalisation of PTC Financial Services, investment in fuel intermediation, investments in entities in the energy sector along with meeting the working capital requirements.

ABN AMRO Securities (India) and Kotak Mahindra Capital Company acted as book running lead managers for the issue.

At 11:20 am, the stock was quoting at Rs 155, up Rs 7, or 5%. It has touched an intraday high of Rs 156 and an intraday low of Rs 149. It was trading with volumes of 484,591 shares.