Nazara Technologies Raises ₹ 315 Crore From Marquee Investors; Increase In Stocks Of More Than 2%.
The company will issue 1,429,266 equity shares of ₹ 4 par value each at a price of ₹ 2,206 per equity share (including a premium of ₹ 2,202 per equity share, Nazara Technologies said.
Nazara Technologies said its board approved a preferential fresh capital allocation to raise ₹ 315.3 crore from top-tier institutional investors. “The company will issue 1,429,266 equity shares of ₹ 4 par value each at a price of ₹ 2,206 per equity share (including a premium of ₹ 2,202 per equity share), Nazara Technologies said in a regulatory filing to the exchanges.
The shares of the company will be blocked for a period of 1 year from the date of issue, according to the rules of Sebi.
Nazara Technologies issued 1.42 million shares to Gamnat Pte and Plutus Wealth Management at ₹ 2.206 per share, representing a 16% discount on the company’s share price on Wednesday.
Manish Agarwal, Chief Executive Officer of Nazara Technologies, said: “We are grateful to our investors for their strong support of Nazara’s strategic vision and ability to execute its stated objectives.
The investment of such institutional investors will act as a catalyst for the Nazara steering wheel to operate faster in all business segments and will result in a combination of shareholder value. ”
The games company plans to use the funds to invest in its growth initiatives and pursue acquisitions in various business verticals, including gamified learning, freemium, skills-based real money games and esports.
In the recent past, Nazara Technologies acquired OpenPlay, the Hyderabad-based skill games company, for Rs 186.4 million. And Nazara Technologies’ independent subsidiary, NODWIN Gaming, acquired OML Entertainment’s adjacent games and intellectual property (IP) business for ₹ 73 crore.
Nazara Technologies was founded in Mumbai in 1999 and is the only listed gaming company in the country today.
As of 1:30 p.m., Nazara Technologies shares were trading at Rs 2,682, up 1.9 percent, on the BSE versus a 1 percent rise in benchmark indices.
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