Zaggle Raises ₹594.8 Crore via Qualified Institutional Placement at ₹523.20 Per Share

Zaggle secures ₹594.8 crore through Qualified Institutional Placement (QIP)

Key Highlights

• Issue Size: ₹594.8 crore
• Shares Issued: 1.13 crore equity shares
• Price per Share: ₹523.20, reflecting a 5% discount from the floor price of ₹550.73

Capital Raising Details

Zaggle Prepaid Ocean Services Limited successfully completed its Qualified Institutional Placement (QIP) on December 23, 2024, raising ₹594.8 crore. The issue involved the allotment of 1,13,69,282 equity shares with a face value of ₹1 each at an issue price of ₹523.20 per share, which includes a premium of ₹522.20.

The placement price represented a 5% discount to the floor price of ₹550.73.

Purpose of the Issue

The QIP proceeds are expected to support business growth, fund working capital requirements, and enhance operational capabilities as the company eyes expansion opportunities.

Impact on Share Capital

Following the issue, Zaggle’s paid-up equity share capital has increased from ₹12.28 crore to ₹13.42 crore, reflecting its commitment to strengthening its financial base.

Major Investors in the Issue

Several institutional investors participated in the offering, with notable allocations:

• Bank of India ELSS Tax Saver Fund: 16.81% (19,11,314 shares)
• Société Générale – ODI: 9.25% (10,51,221 shares)
• ICICI Prudential Technology Fund: 6.72% (7,64,525 shares)
• Nuvama Enhanced Dynamic Growth Equity Fund: 6.72% (7,64,525 shares)

Stock Performance Update

Zaggle’s share price traded 1.13% higher at ₹535 on the NSE as of 9:27 AM on December 24, 2024.

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.