Zaggle Completes ₹59.99 Crore Warrant Allotment to Strategic Investors
Zaggle Prepaid Ocean Services has successfully completed its warrant allotment process, issuing 10,58,201 warrants to RAN Ventures Private Limited and Bennett Coleman and Company Limited. The company received ₹15 crore as initial payment, representing 25% of the total ₹59.99 crore fundraising target, with the balance due within 18 months for conversion to equity shares.
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Zaggle Prepaid Ocean Services Limited has successfully completed its warrant allotment process, marking a significant milestone in its fundraising initiative. The company allotted 10,58,201 warrants on December 16, raising ₹15.00 crore as the initial subscription amount.
Warrant Allotment Completion
The board of directors completed the allotment of warrants following approvals from the Extraordinary General Meeting held on October 31 and in-principal approval from both NSE and BSE. The warrants were issued at ₹567 per warrant, with allottees paying 25% of the issue price upfront as per SEBI regulations.
| Parameter: | Details |
|---|---|
| Total Warrants Allotted: | 10,58,201 |
| Issue Price per Warrant: | ₹567 |
| Initial Amount Received: | ₹15.00 crore |
| Total Fundraising Target: | ₹59.99 crore |
| Conversion Period: | 18 months |
Allottee Breakdown
The warrants were distributed between two strategic investors as planned:
| Allottee: | Warrants | Amount Received (₹) | Category |
|---|---|---|---|
| RAN Ventures Private Limited: | 3,52,734 | 5,00,00,044.50 | Promoter Group |
| Bennett Coleman and Company Limited: | 7,05,467 | 9,99,99,947.25 | Non-Promoter |
| Total: | 10,58,201 | 14,99,99,991.75 |
Conversion Terms and Lock-in
Each convertible warrant entitles the holder to apply for one equity share of face value Re. 1 each. The allottees must pay the remaining 75% of the issue price within 18 months from the allotment date to convert the warrants into equity shares. The warrants issued on preferential basis will be locked-in for the specified period as per SEBI regulations.
Regulatory Compliance
The allotment was completed in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company confirmed that there is no change in the paid-up share capital as only convertible warrants have been allotted at this stage.
Additional Financial Initiative
Alongside the warrant allotment, Zaggle has also entered into a loan agreement with Dice Enterprises Private Limited, providing up to ₹15 crore for working capital purposes. This 12-month loan carries a 12% per annum interest rate and is repayable on demand.
The successful completion of the warrant allotment demonstrates Zaggle's ability to execute its capital raising plans and strengthens its financial position for future growth initiatives.
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