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.

Allottee Breakdown

The warrants were distributed between two strategic investors as planned:

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.

Zaggle Prepaid Ocean Services has announced a strategic partnership with Bennett Coleman for advertising its products, services, and brands. This collaboration marks an important development in the company's marketing and brand promotion strategy.

Partnership Details

The partnership will enable Zaggle Prepaid Ocean Services to utilize Bennett Coleman's advertising platforms and media network to promote its offerings. Bennett Coleman, known for its extensive reach in the media and publishing sector, will provide advertising services to help Zaggle enhance its brand visibility and market presence.

Strategic Implications

This advertising partnership represents a focused approach by Zaggle to strengthen its market positioning through strategic media collaborations. By partnering with Bennett Coleman, the company aims to leverage established media channels to reach its target audience more effectively.

The collaboration encompasses advertising for Zaggle's complete portfolio of products, services, and brands, indicating a comprehensive marketing approach. This partnership aligns with the company's efforts to expand its market reach and enhance brand recognition in the competitive fintech and prepaid services sector.

About The Companies

Zaggle Prepaid Ocean Services operates in the IT-Software sector, focusing on prepaid payment solutions and related financial technology services. The company's partnership with Bennett Coleman demonstrates its commitment to strategic marketing initiatives to support business growth and market expansion.