By Tulemino Antao MUMBAI, DEC 23 : Shares of PTC India were up nearly 1% in afternoon trade Thursday after the company announced that its financial services subsidiary has filed draft red herring prospectus for an initial public offer of equity shares, dealers said. The company's arm, PTC India Financial Services Ltd, filed the prospectus with Securities and Exchange Board of India on Dec 22, PTC India said in a release after market hours on Wednesday. PTC India holds 77.6% stake in PTC India Financial Services. "After the public issue of PIFSL, PTC India's valuations are set to expand even further as the power financing industry has a positive outlook on the back of capacity addition and growing demand for power," said Rahul Modi, an analyst with Tower Capital. At 2:31PM, the PTC India stock was trading at Rs 125.30 on National Stock Exchange, up nearly 1% from previous close. Filed by Harold Rasquinha