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SBI sanctions Rs 300 crore loan to PTC India Financial Services

News Agencies | Updated on: 3 July 2020, 15:53 IST

PTC India Financial Services said on Friday that State Bank of India (SBI) has sanctioned it a term loan working capital augmentation (TLWC) of Rs 300 crore.

The facility has with a door-to-door tenor of three years including a moratorium of six months with sub-limit of Rs 300 crore as a limit for investment in commercial papers, non-convertible debentures and bonds within the overall TLWC limit.

"The money to be received from current sanction will be utilised for further strengthen the cash flow of our company and for onward funding to sustainable infrastructure finance projects," the company said in a statement on Friday.

SBI has already given credit lines of Rs 1,400 crore (current outstanding of around Rs 999.74 crore) to PTC India Financial Services.

With the current sanction, its exposure will increase to Rs 1,700 crore. "This will further diversify our sources of borrowings. The company proposes to have further alternate sources of financing like external commercial borrowings, commercial paper and bonds for which advance progress has already been made," it said.

PTC India Financial Services is a non-banking finance company promoted by PTC India Ltd. The company offers an array of financial products to infrastructure companies in the entire energy value chain and other infrastructure industries.

It also provides fee-based services like loan syndication and underwriting.


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First published: 3 July 2020, 15:53 IST