Kotak Special Situations Fund has invested Rs 350 crore ($47.6 million) in payment solutions provider AGS Transact Technologies in the form of non-convertible debentures.
Kotak Special Situations Fund has been investing from its $1 billion fund in a variety of structured investment situations.
Set up in 2002, AGS Transact is a provider of cash and digital payment solutions and automation technology with over 30,000 ATMs under management.
It also provides cash management services through its subsidiary Securevalue.
The firm primarily operates in three areas – payment, banking automation, and other automation solutions for customers in retail, petroleum and colour sectors.
Kotak Special Situations Fund, part of Kotak Investment Advisors, was launched in February 2019 and received $500 million from Abu Dhabi Investment Authority. It hit its final close in August 2019 at $1 billion (Rs 7,130 crore).
The fund has a mandate to invest in special situations, credit and distressed spaces in India.
Earlier this month, it announced investment in speciality chemicals firm DCW.
In January 2020, the fund struck its debut deal.
Last year, it also invested Rs 500 crore ($66.5 million) in Nirma Group unit Nuvoco to finance the acquisition of Emami Cement.
Part of the Kotak Mahindra Bank, Kotak Investment Advisors was set up in 2005 and focuses on the alternative assets business of the group.
So far, the investment firm has raised/managed/advised on around $4.7 billion across asset classes including private equity funds, real estate funds, and infrastructure funds.