Nazara Technologies to raise Rs 315cr via preferential allotment route
Nazara Technologies, an Indian gaming and sports media company, is set to raise INR 315.3 crores from marquee institutional investors in order to invest in growth initiatives and strategic acquisitions.
The funds raising plan, which will be implemented through preferential allotment of fresh equity, has been approved by the company’s board. It remains subject to the company shareholders’ approval and any necessary approvals from regulatory/ statutory authorities.
Nazara Technologies will issue over 1.4 million equity shares of the face value of INR 4 each at a price of INR 2,206 per equity share.
The company will target acquisitions in its multiple business verticals, which include gamified learning, skill based real money gaming, freemium, and esports.
Manish Agarwal — CEO of Nazara Technologies said: “We are thankful to our investors for their strong endorsement of Nazara’s strategic vision and ability to execute towards its stated goals.
“The investment from such institutional investors will act as a catalyst for the Nazara flywheel to operate faster across all business segments and will result in compounding of the shareholder value organically and inorganically at parent as well as at subsidiary levels.”
Nazara Technologies had established the “Friends of Nazara” network which features gaming companies in which it has majority stakes and actively works with existing founders and management teams to quickly achieve scale.
The companies include Sportskeeda and Nodwin Gaming in esports, Next Wave Multimedia — developer of World Cricket Championship mobile-based cricket simulation game, Paper Boat Apps – developers of gamified early learning app Kiddopia, and Halaplay and Openplay in the skill-based real money gaming vertical.