Shares of Zaggle Prepaid hit the 5% upper circuit on Friday after the company announced the acquisition of a 51% stake in Effiasoft Private Limited, a Hyderabad-based IT solutions firm. The deal, valued at ₹41.31 crore, is aimed at expanding Zaggle’s fintech and enterprise solutions capabilities.
The investment will be executed in two phases, with ₹36.72 crore allocated for a 45.33% stake via cash consideration, while the remaining 5.67% stake, worth ₹4.59 crore, will be acquired through cash or a share swap, with the final mode yet to be decided. The acquisition is expected to be completed within 90 days and does not fall under related party transactions.
Zaggle Prepaid shares opened at ₹349.80, reaching a high of ₹361.85 and a low of ₹349.45 in today’s trading session. The stock remains significantly below its 52-week high of ₹591.90 but above its 52-week low of ₹234.50.
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