Zaggle Prepaid Ocean Services Limited has announced its Board’s approval for the acquisition of a 98.32% stake in Span Across IT Solutions Private Limited. The deal involves the purchase of 10,66,314 equity shares at a price of ₹300.80 per share (including a premium of ₹290.80 per share), amounting to a total consideration of approximately ₹32.06 crore. This acquisition was finalized at a Board meeting held on September 25, 2024.
The acquisition will see Span Across IT Solutions become a subsidiary of Zaggle Prepaid, expanding the company’s footprint into new segments, particularly in employee-related IT services. Span Across operates in the information technology services industry, providing online income tax return preparation services and software development.
Span Across IT Solutions, incorporated on February 2, 2007, reported a turnover of ₹4.73 crore for FY 2023-24. The company has shown steady growth over the last three years, with turnovers of ₹3.07 crore in FY 2021-22 and ₹3.90 crore in FY 2022-23.
Zaggle’s Board believes that this acquisition offers inorganic growth opportunities and will benefit its stakeholders by leveraging the business synergies between the two companies. The acquisition is expected to be completed within 45 days, following regulatory and procedural requirements.
This transaction is classified as a related party transaction, but it is confirmed that no promoter or promoter group has any vested interest in the acquisition.
The Board meeting, which commenced at 6:15 PM and concluded at 7:15 PM, approved the deal, signaling a strategic move to enhance the company’s business portfolio.
