Ace Investor Ashish Kacholia’s stock, specializing in providing automated solutions for business expense management stock, hit a 5 percent upper circuit upon getting approval to acquire a 45.33 percent stake in Effiasoft Private Limited.
Price action
With a market capitalization of Rs. 4,856.22 crores on Friday, the shares of Zaggle Prepaid Ocean Services Limited hit a 5 percent upper circuit making a high of Rs. 361.85 per share compared to its previous closing price of Rs. 344.65 per share.
What Happened
Zaggle Prepaid Ocean Services Limited (Zaggle), engaged in providing automated solutions for business expense management, has approved the acquisition of a 45.33 percent stake in Effiasoft Private Limited from Mr. Koushik Shee and Mr. Akula Krishna Rao, existing shareholders, for a consideration of Rs. 36.72 crores.
Furthermore, the Board has also considered the proposal for the acquisition of a 5.67 percemt stake in Effiasoft from Mr. Koushik Shee and Mr. Akula Krishna Rao, existing shareholders, for the consideration of Rs. 4.59 Crores, and the acquisitions will be completed within 90 days.
Effiasoft, an IT company specializing in product development, engineering, and software solutions, with a proven track record in POS systems and a strong network of 300+ merchant partners.
About the company
Zaggle Prepaid Ocean Services Limited is one of the leading IT stocks and prominent players in the field of digital financial services, focusing on offering prepaid card solutions and other payment-related services. It aims to simplify financial processes for its users while supporting a wide range of sectors, including corporate businesses, government institutions, and retail customers.
Ace Investor
As of December 2024, Ace investor Ashish Kacholia holds 29,03,356 shares, representing a 2.16 percent stake in the company.
Prominent Partners and Clients
The Key customers of Zaggle Prepaid Ocean Services Ltd include Hiranandani, Tata Steel, and Greenply. The company collaborates with prominent partners such as DBS, Kotak, IndusInd Bank, Visa, and Mastercard.
Financials
The company’s total revenue rose by 66.8 percent from Rs. 203.98 crore to Rs. 340.42 crore in Q3FY24 -25. Meanwhile, Net profit rose from Rs. 15.22 crore to Rs. 19.75 crore during the same period.
Written by Sridhar J
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
