Hyderabad-based fintech Zaggle to raise nearly Rs 60 Cr through warrants
Enterprise fintech company Zaggle had raised Rs 595 crore through a QIP in December 2024, with the state-owned Bank of India emerging as the largest buyer.
Zaggle Prepaid Ocean Services Ltd. approved a plan to raise as much as Rs 59.99 crore through a preferential issue of warrants, the company said in a stock exchange filing on Friday.
The Hyderabad company's board signed off on issuing up to 1.06 million warrants at Rs 567 apiece. Each warrant can be converted into one fully paid equity share with a face value of Re 1. The issue price includes a premium of Rs 566 per share.
The warrants will be allotted to two investors: RAN Ventures Pvt., part of the promoter group, and Bennett Coleman & Co. Ltd., which is not a promoter.
The issue is subject to shareholder approval at an extraordinary general meeting scheduled for October 31.
Enterprise fintech company Zaggle had raised Rs 595 crore through a qualified institutional placement (QIP) in December 2024, with the state-owned Bank of India emerging as the largest buyer.
The NSE and BSE-listed company sold 11.37 million shares at Rs 523.20 each, representing a 5% discount on the floor price. The placement saw strong interest from institutional heavyweights, with Bank of India's ELSS Tax Saver Fund snapping up 16.8% of the offering.
Recently, it acquired Bengaluru fintech startup Rivpe Technology Pvt. Ltd., which operates under the brand Rio.Money, for Rs 22 crore in cash. The deal marks Zaggle’s entry into the consumer credit card business.
Zaggle specialises in spend management solutions, payment automation, rewards, and loyalty programmes for businesses. The company serves corporates, SMEs, and startups—offering software and prepaid card-based platforms to help automate business expenses, reimbursements, and employee or channel incentives.
Edited by Suman Singh