Prominent investor Vijay Kedia acquired a significant stake in one company. Following the purchase of shares, there was an impressive rise in the value of these securities, reaching 17 percent during trading on Wednesday. However, the price later decreased and closed with only an 11.58 percent increase.
These shares were bought through Vijay Kedia's company, 'Kedia Securities'. The company that Kedia Security invested in is engaged in providing SaaS solutions and managing digital expenses, and its name is 'Zaggle Prepaid Ocean Services'.
A total of 2 million shares were purchased on behalf of Kedia, valued at 33 crore rupees. According to NSE data, Kedia Securities bought 2 million shares of the company through a block deal on Tuesday. The average purchase price was 164.72 rupees per share, which was less than 1 percent below the closing price of that day (165.88 rupees per share).
Kedia made this purchase during a period of significant stock decline. Previously, after reaching its 52-week high in August last year at 418 rupees, the shares fell to a 52-week low of 154 rupees in just one year. Nevertheless, after Kedia's purchase, the shares demonstrated a sharp jump. On Wednesday, the shares closed at 185.09 rupees on BSE, showing an increase of 11.58 percent.
At the beginning of the current week, the company's shares dropped by 20 percent and reached a low price level after the release of weak financial results. For the quarter from April to June 2027 fiscal year, total revenue decreased by more than 32 percent compared to the same period last year, amounting to 17.53 crore rupees versus 26.11 crore rupees.
The adjusted EBITDA margin of Zaggle Prepaid Ocean Services decreased from 10.1 percent in the first quarter of the 2026 fiscal year to 8.2 percent in the first quarter of the 2027 fiscal year. The company attributed this decrease to expenses related to the acquisition of Dice, including transaction costs, one-time payments to suppliers, and restructuring costs for over a hundred specialists.