Zaggle Prepaid board approves fund raise of up to Rs 950 crore via QIP

Zaggle Prepaid board approves fund raise of up to Rs 950 crore via QIP

Zaggle Prepaid Ocean Services Ltd's board has given a nod to raise up to Rs 950 crore through a qualified institutions placement (QIP). The development came after a meeting of the board of directors held on Wednesday, October 30.

The company disclosed the approval through an exchange filing, noting, “Raising of funds through issuance of equity shares and/or convertible bonds (CBs), and/or non-convertible instruments and/or any other instruments and/or combination of instruments 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 9500 million.”

Zaggle Prepaid’s stock traded under pressure in Wednesday's trading session on the NSE, with shares slipping slightly to Rs 437.10, marking a 0.76 percent drop amid a volatile session.

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