Zaggle Prepaid Approves Allotment Of 1.13 Crore Shares Via QIP

Zaggle Prepaid Ocean Services Ltd. has approved the allotment of 1.13 crore shares to eligible qualified institutional buyers for an aggregated amount of Rs 594.84 crore.

The shares were allotted at the issue price of Rs 523.20 per equity share which reflects a discount of Rs 27.53 or 5% on the floor price of Rs 550.73 per equity share, an exchange filing by the company said.

Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands increased from Rs 12.28 crore comprising 12.28 crore equity shares, to Rs 13.42 crore, comprising 13.42 crore equity shares, the filing added.

NDTV Profit had earlier reported that the company had initiated a Qualified Institutional Placement to raise Rs 450 crore, with the potential to increase fundraising to Rs 750 crore. The issue opened on December 18 and closed on December 23.

Motilal Oswal Investment Advisors, Equirus Capital, and Nuvama Wealth Management were acting as the book-running lead managers for the transaction.

The company's share price fell for a fifth consecutive session on December 23, losing over 9% in the fall. On Monday, it closed 0.6% lower at Rs 528.90.