Zaggle Prepaid Board Approves Acquisition Of Majority Stake In Span Across
The proposed acquisition presents a chance to join a new market for employee-related businesses
The early session on September 26 saw a 6 per cent increase in the price of shares of Zaggle Prepaid Ocean Services due to the company's planned acquisition of a majority interest in an IT services provider, as per media reports.
At its meeting on Wednesday, 25 September 2024, the board of directors of Zaggle Prepaid Ocean Services approved the purchase of 10,66,314 equity shares with a face value of Rs 10 each, for Rs 300.80 per share (plus a premium of Rs 290.80 per share). This acquisition represents a 98.32 per cent stake in Span Across IT Solutions, and upon completion of the necessary procedures, Span Across will become a subsidiary of the company.
The media report stated that the proposed acquisition presents a chance to join a new market for employee-related businesses.
Additionally, the board approved the investment of Rs 15.6 crore for a post-issue and completely diluted 26 per cent ownership capital of Mobileware Technologies, a provider of digital payment infrastructure.
Mobileware is at the forefront of digital payments innovation in India and they offer an integrated product suite of NPCI-certified switch solutions across unified payments interface (UPI), immediate payment service (IMPS), Aadhar-enabled payment system (AEPS) & BBPS, along with an API & Agency banking platform called Transxt.
