Zaggle Prepaid Ocean Services on Tuesday, December 16, informed stock exchanges that its board has approved the incorporation of a wholly owned subsidiary in Gujarat International Finance Tec-City (GIFT City).
According to the regulatory filing, the proposed wholly owned subsidiary will be incorporated under the name Zaggle Payments IFSC Limited, as approved by the Ministry of Corporate Affairs. The necessary update will be shared once the subsidiary is formally incorporated.
The proposed subsidiary will have an authorised share capital of Rs 15 lakh, divided into 1.5 lakh equity shares of Rs 10 each. As the entity is yet to be incorporated, turnover details are not applicable at this stage.
Zaggle stated that the new subsidiary will operate in the fintech sector and will function as a SaaS-based fintech company, primarily engaged in providing spend management solutions to corporates and their users through online platforms and solutions.
The incorporation of the wholly owned subsidiary is subject to approvals from the International Financial Services Centres Authority (IFSCA), the Ministry of Corporate Affairs, and other statutory or regulatory authorities, as may be required. The company noted that the subscription of shares in the proposed subsidiary will be made through cash consideration, with Zaggle holding 100% shareholding upon incorporation.
The board meeting approving the proposal commenced at 12:30 PM IST and concluded at 12:50 PM IST. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
