The Board of Directors of Zaggle Prepaid Ocean Services Limited approved the acquisition of 1,066,314 equity shares of Span Across IT Solutions Private Limited  with a face value of Rs. 10 each at a price of Rs. 300.80 per share (including a premium of Rs. 290.80 per share). This acquisition represents a 98.32% stake in Span Across IT Solutions Private Limited (Span Across), which will consequently become a subsidiary of the Company.
Span Across IT Solutions Private Limited (Span Across) has an authorized share capital of ₹2,00,00,000, divided into 20,00,000 equity shares of ₹10 each, with a paid-up capital of the same amount. The company achieved a turnover of ₹4.73 Crores for the fiscal year 2023-24 and operates in the Information Technology Services sector, specializing in online income tax return preparation and software development. The acquisition qualifies as a related party transaction since the Company is an Associate Company, but the promoter/promoter group/group companies have no interest in Span Across, ensuring the transaction is conducted at “arm’s length.”
The acquisition aims to enter a new segment focused on employee-related services, allowing Span Across to become a subsidiary with a 98.32% stake, which will facilitate inorganic growth benefiting all stakeholders. No governmental or regulatory approvals are required, and the acquisition is expected to be completed within 45 days from the Board’s approval. The consideration will be in cash, with 1,066,314 equity shares acquired at ₹300.80 per share (including a premium of ₹290.80 per share), resulting in the Company holding 98.32% of Span Across’s equity shares. Span Across was incorporated on February 2, 2007, and its turnover over the last three years was ₹3.07 Crores in FY 2021-22, ₹3.90 Crores in FY 2022-23, and ₹4.73 Crores in FY 2023-24, with operations solely in India.