Perth company Transaction Solutions International has received backing to the tune of $22 million from an Indian private equity group to fund the development of an ATM business on the sub-continent.
ASX-listed TSI said it had signed a binding indication of interest with India’s CX Partners for a $22.1 million investment, which will be re-invested in the company’s TSI India subsidiary.
Managing director Gary Foster said signing on with CX Partners gave the company the ability to seize significant opportunities and realise substantial growth.
“CX Partners is looking at a close association to help build the company further,” Mr foster said.
“The transaction can provide TSI India a strong combination of financial investment and solid Indian bank relationships.”
The transaction remains subject to shareholder and regulatory approvals.
By close of trade today TSI shares had tanked 17 per cent, to finish the day at 5 cents.