Zaggle Prepaid Ocean Services Limited has launched a Qualified Institutional Placement (QIP) of equity shares worth ₹950 crore, with the potential for an upsize option. The floor price for the QIP has been set at ₹550.73 per equity share, calculated in line with SEBI (ICDR) Regulations. The company may offer a discount of up to 5% on the floor price for eligible institutional investors.
The QIP was approved by the company’s board of directors on October 30, 2024, and subsequently received shareholder approval via a postal ballot on December 2, 2024. The Special Purpose Committee authorized the issue’s opening on December 18, 2024.
The funds raised will support the company’s inorganic growth, international expansion, and other investments. In an earlier statement, MD and CEO Avinash Godkhindi highlighted the company’s intent to maintain flexibility for growth opportunities.
Zaggle specializes in corporate employee benefits and spend management solutions, having issued over 50 million prepaid cards to users as of September 2024. Additionally, the company has entered into agreements such as its partnership with Narayana Hrudayalaya Limited for expense management services.
At 10:30 AM, Zaggle Prepaid Ocean Services Ltd was trading at ₹537.00, down ₹24.10 (4.30%) for the day, but up 147.12% year-to-date.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 19, 2024, 2:50 PM IST
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