Zaggle Prepaid Ocean Services Limited has informed the Exchange about General Updates - Monitoring Agency Report for the Quarter ended December 31, 2025.
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Zaggle Prepaid Ocean Services has submitted Monitoring Agency reports from CARE Ratings for the quarter ended December 31, 2025, covering both its IPO (Rs. 392 crore, September 2023) and its QIP (Rs. 594.84 crore, December 2024). The IPO proceeds (net Rs. 362.16 crore) are now fully utilized, though the borrowing repayment and general corporate purposes (GCP) components were completed with significant delays of 611 days and 633 days respectively against the original March 31, 2024 target. For the QIP, Rs. 149.66 crore has been deployed so far against the Rs. 594.84 crore raised, leaving Rs. 445.18 crore unutilized. During Q3FY26, the company spent Rs. 11.31 crore to acquire Greenedge Enterprises, while a Rs. 36 crore advance paid earlier for the Effiasoft acquisition was refunded due to changed deal terms. The unutilized QIP proceeds are parked in fixed deposits with AU Small Finance Bank and ICICI Bank, earning between 5.20% and 6.75%.
Shareholders should note that despite a large QIP fundraising in late 2024, nearly 75% of those proceeds remain undeployed and are sitting in bank FDs, indicating slower-than-expected progress on the company's stated acquisition and growth plans. No material deviation from stated objects has been flagged, but the pace of strategic acquisitions could be a watchpoint.