Zaggle Prepaid Signs 3-Year Blue Star Deal; Stock Up 4%

Shares of Zaggle Prepaid Ocean Services Ltd surged 4% to touch a day’s high of Rs 228.70 on 6th March, after the company announced that it had entered into a three-year agreement to provide its Zaggle Save employee expense management and benefits solution to Blue Star Ltd.

Under the agreement, Zaggle will provide and manage its Zaggle Save services for Blue Star’s employees for three years. The company said a domestic entity has awarded the contract and that it is not a related-party transaction.

Zaggle also confirmed that its promoters and promoter group have no interest in Blue Star. The deal marks a strategic partnership between the two companies.

Last month, the company signed multiple agreements to offer its corporate expense solutions to several domestic companies.

They will provide Zaggle Corporate Expense cards to employees and associates of Chennai Super Kings Cricket Limited and Superking Ventures Private Limited under one-year contracts.

In a separate deal, the company entered into a five-year agreement with Saurashtra Cement Limited to offer its Zaggle Save platform for employee expense management and benefits. All these agreements are domestic contracts and not related party transactions.

At 12:59 PM, shares of Zaggle were trading 3.65% higher at Rs 225.53 on the NSE.

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