The deal will ‘significantly improve’ the financial risk profile of the group and help the company implement the next phase of growth
Kotak Special Situations Fund (KSSF) has invested Rs 350 crore in AGS Transact Technologies in the form of non-convertible debentures subscription, the company said on Tuesday.
The deal will ‘significantly improve’ the financial risk profile of the group and help the company implement the next phase of growth, the statement said.
The fund has been investing from its USD 1 billion corpus in a variety of structured investment situations, it added.
AGS provides end-to-end cash and digital payment solutions and automation technology in India with over 30,000 ATMs under management. It also provides cash management services (CMS) through its subsidiary Securevalue which is the largest CMS player in the country.
‘The investment is in line with our ability to provide bespoke capital solutions, not ordinarily available in the ecosystem, and partner with industry leaders with good governance,’ fund’s chief executive Eshwar Karra said.
He added that AGS Transact has created a niche for itself in both cash and digital payments solutions space and is well poised to provide unique payment and automation solutions.
Source: Business World