Zaggle Prepaid Ocean Services informed stock exchanges on Tuesday, December 16, about the outcome of its board meeting, during which the company approved the allotment of convertible warrants on a preferential basis.
According to the regulatory filing, the board allotted 10,58,201 convertible warrants, each carrying the right to subscribe to one equity share of face value Re 1, at an issue price of Rs 567 per warrant. The company has received 25% of the issue price upfront, amounting to Rs 14,99,99,991.75, in line with SEBI’s Issue of Capital and Disclosure Requirements Regulations.
Out of the total allotment, 3,52,734 warrants were allotted to RAN Ventures Private Limited, which falls under the promoter group category, while 7,05,467 warrants were allotted to Bennett Coleman and Company Limited, classified as a non-promoter entity. The remaining 75% of the issue price is required to be paid within 18 months from the date of allotment for conversion into equity shares.
The company clarified that there is no change in the paid-up share capital at this stage, as only convertible warrants have been allotted. These warrants will be subject to the applicable lock-in period as prescribed under SEBI regulations.
The board meeting commenced at 12:30 PM IST and concluded at 12:50 PM IST.
