Seshaasai Tech Raises Rs 120 Cr Pre-IPO

New Delhi, Aug 13 (PTI) Payments solutions provider Seshaasai Technologies Ltd has raised Rs 120 crore from Tata AIG General Insurance Company, VQ FasterCap Fund II, and Valuequest India G.I.F.T Fund, in a pre-initial public offer (IPO) funding round.

In a public announcement on Wednesday, the company said it has undertaken a private placement of 28.4 lakh equity shares for cash consideration of Rs 423 apiece.

Under this, Tata AIG General Insurance Company was allocated 14.18 lakh equity shares for Rs 60 crore. Besides, VQ FasterCap Fund II and Valuequest India G.I.F.T Fund were allotted 7.09 lakh equity shares each, aggregating to Rs 60 crore.

Seshaasai Technologies is a technology-driven multi-location solutions provider offering payment solutions and communications, and fulfilment solutions. It designs and develops instruments such as debit cards, credit cards, prepaid cards, mass transit cards, and cheques, and securely embeds customer data onto them, sending them to end customers.

In December 2024, the payments solutions provider filed draft papers with Sebi for floating an IPO comprising a fresh issue of equity shares worth Rs 600 crore and an offer for sale (OFS) of 78.7 lakh equity shares. The firm received Sebi's approval in April to launch its IPO.

Proceeds from the fresh issue will be allocated for the expansion of existing manufacturing units, payment of debt and for general corporate purposes.