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India1 payments file papers with SEBI to raise funds
September 08, 2021
India1 payments Ltd, formerly known as BTI Payments, filed preliminary papers with SEBI to raise funds through an IPO. The initial share sale comprises fresh issuance of equity shares worth ₹150cr and an offer for sale of 10,305,180 equity shares by promoters and investors according to DRHP.
The offer for sale consists of 1 lakh equity shares by the Banktech Group, up to 25.08 lakh equity shares by BTI payments. Singapore, up to 49.94 lakh equity shares by India advantage fund S3 I. the company may consider a pre-IPO placement of up to ₹30cr.
Proceeds from the fresh issue will be utilized to repay debt, fund capital expenditure requirements of the company for setting up ATMs in the country and for corporate purposes. India1 Payments, promoted by the Banktech Group, was integrated in 2006.
India1 Payments is a leading independent non-bank ATM operator in the nation. As of June 30, 2021, it operated a network of more than 8,000 ATMs across 14 states and UTs which the company brands as “india1ATM”.
The company’s ATM business is focused on semi-urban areas and rural areas, where more than 7500 ATMs are located.
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