Zaggle Prepaid shares in news as firm announces acquisition of stake in 2 firms 

Shares of Zaggle Prepaid Ocean Services are in news today after the firm announced acquisition of stake in two firms. Zaggle Prepaid stock ended 2.54% lower at Rs 431.90 on Wednesday against the previous close of Rs 443.15 on BSE. Zaggle stock opened lower at Rs 442.25 on BSE. Zaggle’s market cap fell to Rs 5295.39 crore. Total 1.16 lakh shares changed hands amounting to a turnover of Rs 5.03 crore on BSE.

In terms of technicals, the relative strength index (RSI) of Zaggle stands at 61.5, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading lower than the 5 day, 10 day but higher than the 20 day, 50 day, 100 day and 150 day moving averages.

The stock has risen 99 per cent this year and gained 152.35% in a year.

Zaggle's board approved the investment of Rs 15.6 crore for 26 percent ownership capital of Mobileware Technologies Private Limited on a post issue and fully diluted basis, the firm said. 

Mobileware is at the forefront of the digital payments innovation in India and they offer integrated product suite of NPCI certified switch solutions across UPI, IMPS, AEPS & BBPS, along with an API & Agency banking platform called Transxt. 

Zaggle will be able to leverage their expertise and infrastructure to make our solutions and embedded payment experiences best-in-class for its esteemed clientele, said the firm. 

In another acquistion update, the firm said its board approved the acquisition of 10,66,314 Equity Shares of face value of Rs. 10/- each at a price of Rs. 300.80/- per share (including a premium of Rs. 290.80/- per share) constituting 98.32% stake in Span Across IT Solutions Private Limited (Span Across). After this, Span Across will become a subsidiary of the company. 

Acquisition of Span Across gives opportunity to enter new segment of employee related business, said Zaggle Prepaid.

Zaggle Prepaid Ocean Services, incorporated in 2011, provides fintech products and services to manage corporate business expenses through automated and innovative workflows. It had seven offices across the country with more than 1,750 customers, and over 1.7 million end users as of March 31, 2023.