Nazara Technologies to raise Rs 100cr in equity share allotment
Nazara Technologies Limited, a diversified gaming and sports media platform based in India, has announced its board’s approval for a preferential allotment of equity shares. The fundraising aims to generate up to INR 100 crores, contingent upon shareholder and regulatory approval. The proposed issue involves 14,00,560 equity shares, each with a face value of Rs. 4/- and priced at Rs. 714/- per share, amounting to INR 999,999,840.
Funds Earmarked for Strategic Acquisitions and Investments
Nazara Technologies plans to use the fresh infusion of funds to invest in funding requirements and growth objectives. The capital will be allocated for making strategic acquisitions and investments in various companies, body corporates, and entities. It will also cater to the funding requirements of the Company’s subsidiaries, associates, and joint ventures.
Equity Shares Locked for Six Months
According to the Securities and Exchange Board of India (SEBI) guidelines, the newly-issued equity shares will be locked in for a period of six months from the date of the issue. The equity shares are set to be allocated proportionately to M/s Kamath Associates and M/s NKSquared.
Industry Leaders Comment on the Fundraising
Nitish Mittersain, CEO of Nazara Technologies, noted that the fundraising initiative holds immense value for the Company. “Nikhil Kamath symbolizes success in India’s tech arena. Beyond the funds raised, his investment stands as a resounding vote of confidence in Nazara,” said Mittersain.
Nikhil Kamath, Partner of Kamath Associates & NKSquared, echoed the sentiment, “Gaming in India is poised for strong growth, and Nazara has built a profitable gaming platform well suited for future opportunities. We look forward to supporting their growth.”
Nazara Technologies’ decision to raise funds through preferential allotment of equity shares marks a significant step in its journey toward diversification and expansion. The fundraising is a strong indicator of the Company’s commitment to invest in strategic acquisitions and to fuel growth across its subsidiaries, associates, and joint ventures. This move also underscores the robustness and potential of India’s gaming and sports media industry.