Payment solutions firm AGS Transact Technologies files Rs 10-bn IPO papers

Payment solutions provider AGS Transact Technologies has filed preliminary papers with the Securities and Exchange Board of India (Sebi) to mop up Rs 10 billion through an initial public offering (IPO).

In addition, another firm Harsha Engineers, manufacturer of precision bearing cages, has also approached Sebi to float an IPO.

AGS' initial share-sale comprises fresh issue of equity shares aggregating up to Rs 4 billion, besides, an offer for sale worth up to Rs6 billion by the existing shareholders, draft papers filed with Sebi showed.

Besides, the company plans a pre-IPO placement of up to 5 million equity shares for up to Rs 1.25 billion.

Funds raised through the issue will be used for payment of certain loans and other general corporate purposes.