AGS Transact Technologies LimitedAnnounces Fund Raise of Rs. 2,000 Mn; Promoter Group Commits Rs. 1,500 Mn to The Raise
Mumbai, June 19, 2024 – The Board of Directors of AGS Transact Technologies Limited (BSE: 543451 & NSE: AGSTRA) approved Fund raise by way of preferential warrants to Promoter and Promoter Group along with Non-Promoters at a price of Rs. 79.25 / – each or at a price being not lower than the minimum price determined in accordance with the Regulations for Preferential Issue contained in Chapter V of the SEBI ICDR Regulations, whichever is higher, subject to the approval of regulatory/ statutory authorities and the shareholders of the Company. The Company will raise Rs. 2,000 mn via the proposed fund raise plan. The Promoter group will infuse Rs. 1,500 mn while the balance will be infused by other investors.
Commenting on the fund raise plan, Mr. Ravi B. Goyal, Chairman and Managing Director said, “AGS Transact remains at the forefront of various opportunities in the payment solutions space and digital business in India. This fund raise is in alignment with the company’s long-term growth objective to capitalize on this changing landscape. With this, the company is strategically placed to drive growth in the coming years while strengthening its balance sheet.”
The outcome of the Company’s Board Meeting is uploaded on BSE/NSE: https://www.bseindia.com/xml-data/corpfiling/AttachLive/9af9e53d-133c-40a2-a468-a04a0eed48c9.pdf
Recently, the company, through its Wholly-owned cash management subsidiary, announced set up a new cash vault facility in Bengaluru, Karnataka. This state-of-the-art facility will offer world class cash processing and vault services. The addition of this new cash vault facility is expected to further enhance company’s cash management operations across Karnataka.
Earlier, the company has commenced the deployment of 1,350 ATMs, an order won from the State Bank of India (SBI) in FY24. The Company is expected to complete the deployment by H1FY25, whilst its digital payments platform, Ongo, announced that it had commenced testing of voicecontrolled fueling feature in its mobile application. Currently in the pilot phase, Ongo is leveraging the power of Artificial Intelligence (AI) to empower its users seamlessly fuel their vehicles with a simple voice command
About AGS Transact Technologies Limited :(AGSTTL)Established in 2002, AGS Transact Technologies Limited (BSE: 543451| NSE: AGSTRA) is one of the largest integrated omni-channel payment solutions providers in India in terms of providing digital and cash-based solutions to banks and corporate clients. AGS Transact provides customised products and services comprising ATM and CRM outsourcing, cash management and digital payment solutions including merchant solutions, transaction processing services and mobile wallets. The company operates in three broad business segments, namely, Payment Solutions; Banking Automation Solutions; and Other Automation Solutions. Ongo is a fast-growing omnichannel digital payment platform by AGS Transact Technologies, which offers convenient payment solutions. Launched in 2015, Ongo offers merchant Acquiring and Prepaid Issuance services. Furthermore, Ongo is a non-bank prepaid payment instrument and offers dedicated open-loop Prepaid solutions for consumers in segments. AGS Transact Technologies serves diverse industries such as banking, retail, petroleum, toll and transit, cash management and fintech in India and other select countries in Asia. As of March 31, 2024, the company has deployed 248,585 payment terminals and was one of the largest deployers of PoS terminals at petroleum retail outlets in India, having rolled out 41,756 terminals at various petroleum retail outlets. For more information, please visit http://www.agsindia.com