AGS Transact Technologies Faces Financial Turmoil Amid Debt Default and Insolvency Proceedings 11 hours ago Today
AGS Transact Technologies is experiencing severe financial difficulties. The company's preferential issue was undersubscribed, raising only Rs 73.42 crore out of the revised target of Rs 159.36 crore. CRISIL downgraded the company's credit rating to 'Default' due to delayed debt servicing. The share price has plummeted to Rs 5.28, far below the warrant conversion price of Rs 79.25. Insolvency proceedings have been initiated against the company. The funds raised are currently frozen and unavailable for use, complicating the company's financial situation.
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More news about AGS Transact Technologies
11Mar 25
AGS Transact Technologies Swiftly Migrates ATMs to Minimize Service Disruption
AGS Transact Technologies has successfully migrated approximately 50% of its ATM network to banks and Managed Service Providers (MSPs) networks. This strategic move aims to minimize service disruptions and support ongoing operations. The company is collaborating with banking customers for smooth transitions and is committed to gradually resuming operations across its network. Chairman Ravi B. Goyal emphasized the company's dedication to restoring full operational capacity while adapting to current circumstances.
AGS Transact Technologies is facing a severe financial crisis with ₹7.26 billion in defaulted obligations. Creditor Maxwel Aircon has initiated potential insolvency proceedings against the company. The stock has plummeted 62.4% since February 4, reflecting investor concerns. Multiple credit rating downgrades have further complicated the company's financial situation.