Nazara to raise INR 315 Cr from marquee investors

Nazara Technologies Limited (BSE: 543280) (NSE: NAZARA) an India based, diversified gaming and sports media platform today announced that its board has approved preferential allotment of fresh equity to raise INR 315.30 Crores from marquee institutional investors subject to the approval of the shareholders of the Company and such regulatory / statutory authorities as may be applicable.

The Company will issue 1,429,266 equity shares of face value of Rs. 4/- each at a price of Rs. 2,206/- per equity share (including a premium of Rs.2,202/- per equity share). As per SEBI ICDR Guidelines, these shares will be locked in for a period of 1 year from the date of issue.

This infusion of fresh funds will be utilized to invest in growth initiatives of the company as well as pursue strategic acquisitions in the various business verticals of the company including gamified learning, freemium, skill based real money gaming and esports as the company continues to expand its "Friends of Nazara" ecosystem.

Says Nazara Technologies Ltd., CEO, Manish Agarwal, "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."

The "Friends of Nazara" network comprises of established gaming companies in which Nazara holds majority stakes and works actively with existing founders and management teams to rapidly achieve scale. These companies include Nodwin Gaming and Sportskeeda in esports, Next Wave Multimedia (developer of World Cricket Championship (WCC), the largest mobile-based cricket simulation game), Paper Boat Apps (developers of popular gamified early learning app Kiddopia) and Halaplay and Openplay in the skill based real money gaming vertical.

Shares of Nazara Technologies Limited was last trading in BSE at Rs. 2630.80 as compared to the previous close of Rs. 2491.35. The total number of shares traded during the day was 92840 in over 10764 trades.

The stock hit an intraday high of Rs. 2658.00 and intraday low of 2520.65. The net turnover during the day was Rs. 239423368.00.

Source : Equity Bulls

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