Zaggle Prepaid shares jump 2.5% on Rs 950 crore fundraise plans

Shares of Zaggle Prepaid Ocean Services jumped 2.5% in an early trading session on the BSE to their day’s high of Rs 447.50 after the company’s board approved a fundraise of Rs 950 crore via the QIP route.

“Raising of funds through the issuance of equity shares…in one or more tranches, by way of one or more public and/or private offerings, including on a preferential allotment basis and/or a qualified institutions placement for an amount not exceeding Rs 950 crore,” the company stated in its press release on Wednesday.

In addition to the fundraising approval, the company also announced the appointment of Virat Sunil Diwanji as a Non-Executive, Non-Independent Director. Diwanji is a seasoned banker with over 30 years of experience in building, managing, and growing retail consumer businesses across both liabilities and assets.


The management solutions provider also noted that it has entered into agreements with Dr. Batra’s Positive Healthcare and TBO TEK. It will provide Dr. Batra's Positive Health Clinic with the Zaggle Zoyer proposition and TBO with travel-related services along with solution integration.

On Wednesday, the company’s shares traded marginally lower, settling at Rs 439. The stock has risen 45% in the past six months and has delivered 112% returns over the last year.