Zaggle Allots 2.29 Lakh Equity Shares Under ESOP Plan

Fintech SaaS startup Zaggle has alloted nearly 2.29 Lakh equity shares under its Employee Stock Option Scheme (ESOP) 2022.

In an exchange filing, the Mumbai-based startup today (October 30) said it has received approval from its board to grant the equity shares to eligible employees under the 2022 scheme.

It has, “approved the allotment of 2,29,134 equity shares having face value of INR 1 each, as fully paid-up, to the eligible employees, upon exercise of vested options,” said Zaggle in its statement. 

In a separate filing, Zaggle announced to raise securities worth INR 9500 Mn (INR 950 Cr) in accordance with the SEBI ICDR Regulations and other applicable regulations, subject to necessary approvals. 

For its newly allotted equity shares, the company set the exercise price at INR 1 for 1,28,600 equity shares and INR 164 for 1,00,534 equity shares. 

Based on the stock’s closing price on Tuesday (October 29), the total value of the 2.29 Lakh equity shares translated to INR 10.09 Cr.

After the allotment of aforementioned equity shares, the issued, subscribed and paid-up equity share capital of the company increased from INR 12,26,06,799 to INR 12,28,35,933. 

Founded in 2011 by Raj Narayanam, Zaggle offers spend management solutions for businesses as well as other SaaS tools such as expenses, payments, and rewards management software. 

Earlier this month, Zaggle allocated 44,161 additional stock options under its ESOP 2022. In September, Zaggle picked up stakes in two companies – Span Across IT Solutions and Mobileware Technologies. While it acquired a 26% stake in Mobileware Technologies for INR 15.6 Cr, it also received board nod to pick up 98.32% shareholding in Span Across IT Solutions for nearly INR 32 Cr.