ICICI Prudential acquired a 0.52 per cent stake in Zaggle Prepaid Ocean through a bulk deal on June 12, according to media reports. The transaction involved purchasing approximately 6.5 lakh shares at an average price of Rs 280 per share.
Simultaneously, Ventureast Proactive Fund LLC divested its residual 1.82 per cent stake in Zaggle Prepaid Ocean, selling around 22 lakh shares at an average price of Rs 280.01 per share. This marks Ventureast's complete exit from Zaggle, facilitated by Equirus through a block deal executed in two tranches, one in May and the other on June 12.
Equirus facilitated the sale of Ventureast Proactive Fund LLC’s remaining equity in Zaggle Prepaid Ocean through a block deal. This transaction, executed in two tranches—one in May and the other on June 12—enabled Ventureast to complete exit its stake, valued at approximately Rs 1,500 million post-IPO. Equirus's performance in the IPO and its client-first approach have reinforced its reputation, attracting high-quality institutional investors and establishing long-term relationships with its clients.
Zaggle Prepaid Ocean's shares closed 2.54 per cent higher at Rs 296.5 on the NSE following the transactions. The company specialises in developing financial solutions and products aimed at managing business expenses for corporates, SMEs, and startups through automated and innovative workflows.
Equirus, which managed Ventureast's exit from Zaggle, has garnered appreciation for its client-first approach and effective execution. Raj N, Executive Chairman of Zaggle, commented, “Equirus has stood strong with Zaggle, and that is not going unnoticed. We appreciate their support and will work harder to ensure their trust and faith in us remain intact.”
