AGS Transact may buy back TPG, Actis stake; Tatas, JSW bid for Bhushan Power

By Keshav Sunkara

  • 09 Feb 2018
Credit: Thinkstock

The promoters of Mumbai-based payment solutions provider AGS Transact Technologies Ltd’s will buy back a 42% stake held by private equity investors TPG Growth and Actis for Rs 650-850 crore, Mint reported, citing two people aware of the development.

The promoters are in discussions with a few financial institutions to raise debt and provide an exit to the investors, the report said.

TPG Growth held a 25.96% stake in AGS and Actis owned 16.44% as on 31 March 2017, according to VCCEdge, the data research platform of VCCircle.

AGS, set up in 2002, installs and manages ATMs. It also provides cash management and vault services through subsidiary Securevalue India Ltd.

The company had planned an initial public offering in 2015 but later shelved the plan.

Meanwhile, Tata Steel Ltd and JSW Steel Ltd have submitted separate binding bids for debt-laden Bhushan Power and Steel Ltd, according to at least two media reports.

The company is undergoing a corporate insolvency resolution process initiated by the National Company Law Tribunal. It is one of 12 large loan defaulters identified by the Reserve Bank of India in its first list for debt resolution under the Insolvency and Bankruptcy Code.

Tata Steel and JSW Steel have submitted bids above the company’s liquidation value of Rs 10,000 crore, The Economic Times reported, citing people aware of the development.

Sanjay Singhal-promoted Bhushan Power has a debt of Rs 48,524 crore, the report said.

Separately, Mint reported that the bids and the resolution plans will be referred to the Competition Commission of India for approval.

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