Zaggle expands with warrant allotment and new GIFT city subsidiary

On December 16, 2025, Zaggle Prepaid Ocean Services Limited's board of directors approved the allotment of 1,058,201 convertible warrants at an issue price of 567 INR per warrant. This allotment, made after receiving 25% of the issue price, included 352,734 warrants to RAN Ventures Private Limited (promoter group) and 705,467 warrants to Bennett Coleman and Company Limited (non-promoter), totaling 149,999,991.75 INR. The allottees can convert these warrants into an equal number of equity shares by paying the remaining 75% of the issue price within 18 months, with all warrants locked in for a specified period.

Concurrently, the board approved the incorporation of a wholly-owned subsidiary in Gujarat International Finance Tec-City (GIFT City), named ZAGGLE PAYMENTS IFSC LIMITED. This new entity, with a proposed authorized share capital of 1,500,000 INR divided into 150,000 equity shares of 10 INR each, will operate as a SaaS Fintech Company. It will focus on providing spend management solutions to corporates and their users through online platforms, with the company paying cash for 100% of the shareholding.

The incorporation of ZAGGLE PAYMENTS IFSC LIMITED is subject to regulatory approvals from IFSCA, Ministry of Corporate Affairs, and other authorities.