Zaggle Prepaid Ocean Services Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by CARE Ratings Limited, details the utilization of proceeds from a Qualified Institutional Placement (QIP) amounting to ₹594.84 crore. The document outlines the progress against the objects of the issue, including strategic investments and general corporate purposes, and notes potential delays in certain utilization timelines.
Zaggle’s Q2 FY27 Monitoring Report Details Fund Utilization
Zaggle Prepaid Ocean Services Limited has provided its Monitoring Agency Report for the quarter concluding on September 30, 2026. This report, prepared by CARE Ratings Limited, assesses the deployment of funds raised through a Qualified Institutional Placement (QIP), which aggregated to ₹594.84 crore. The company’s Audit Committee and Board of Directors have reviewed and taken this report on record.
Key Objects and Utilization Updates
The report details the utilization of proceeds across several key areas, including strategic investments, acquisitions, inorganic growth opportunities, and general corporate purposes (GCP). For strategic investments, a significant portion of the allocated ₹375.00 crore has been utilized, with ₹171.86 crore accounted for by the end of the quarter, leaving ₹203.14 crore unutilized. The utilization included software purchases and equity stake acquisition.
Under General Corporate Purposes, an amount of ₹140.00 crore was designated. The report indicates that ₹85.67 crore was utilized by the end of the quarter, with ₹54.33 crore remaining unutilized. This utilization involved reimbursements for working capital requirements, vendor payments, and salary payments. Notably, the report mentions a delay in the utilization of proceeds for strategic investments and general corporate purposes, with some funds being transferred to the company’s current account, leading to a commingling of funds.
Financial Instruments and Unutilized Proceeds
The company has also managed its unutilized proceeds by investing them in various financial instruments, primarily fixed deposits with AU Small Finance Bank and ICICI Bank, totaling ₹296.47 crore. Additionally, ₹3.55 crore is held in an MA Account with ICICI Bank. The total unutilized amount at the end of the quarter was ₹257.47 crore. The report also includes details on the deployment of funds for general corporate purposes, specifying allocations for salary payments (₹27.76 crore) and working capital expenses (₹47.24 crore).
Delay in Implementation
Regarding the implementation timeline, the report notes a delay for the ‘Pre-payment/ re-payment, in part or full, of certain outstanding borrowings’ object, with an actual completion date of December 27, 2024, against a planned date of March 31, 2025, indicating no delay. However, for General Corporate Purposes, the implementation is ongoing, with a planned completion of March 31, 2026, and an actual completion of July 17, 2026, representing a delay of 108 days.
Source: BSE
