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PTC India Ltd shares surged more than 9 percent on Friday (October 20) after the company announced sale of its subsidiary to ONGC Ltd at an equity value of Rs 925 crore.
The stock opened higher and rallied further up to 9.1 percent to a high of Rs 150.95 per share on BSE. Around 2.15 lakh shares changed hands on BSE while 46.26 lakh shares traded on NSE where the stock hit a high of Rs 151 apiece.
The power trading solution provider in an exchange filing stated that its board on October 19 approved a bid submitted by ONGC Ltd for the acquisition of 100 percent stake of its wholly-owned subsidiary PTC Energy Ltd (PEL) for Rs 925 crore.
