Nazara approves INR 410 crore preferential issue of equity shares to SBI Mutual Fund

Nazara Technologies Limited ("Company" or "Nazara") (BSE: 543280) (NSE: NAZARA) an India based, diversified gaming and sports media platform today announced that its board has approved an issue of Equity Shares having face value of Rs. 4 each ("Equity Shares"), to raise up to INR 410 crores, on preferential basis, subject to the receipt of approval of the shareholders of the Company and such regulatory / statutory authorities as may be applicable.

The Company is proposing to issue 57,42,296 Equity Shares at a price of Rs. 714/- per Equity Share aggregating to INR 4,099,999,344/- ("Issue") to SBI Mutual Fund, by way of preferential issue on private placement basis.

The funds will be invested via three schemes of SBI Mutual Fund namely SBI Multicap Fund, SBI Magnum Global Fund and SBI Technology Opportunities Fund.

The aforesaid Issue is being made in addition to the issuance of up to 14,00,560 fully paid-up Equity Shares approved by the Board in its meeting held on September 4, 2023, both together aggregating to an amount not exceeding Rs. 510 crores (Rupees Five Hundred and Ten Crores) (comprising of the preferential issue approved by the Board on September 4, 2023 and the Issue).

The proposed Issue of Equity Shares shall be subject to lock-in as per the requirement of Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements), Regulations, 2018.

This infusion of fresh funds will be utilized to invest in funding requirements and growth objectives of the Company including for making strategic acquisitions and investments in various companies / body corporates / entities / gaming funds, meeting growth and funding requirements based on the business opportunities across the subsidiaries / associates / joint venture of the Company, as applicable, through investment in subsidiaries / associates / joint venture of the Company, meeting capital expenditures and working capital requirements and repayment of debt obligations of the company and its subsidiaries from time to time if any.

Nitish Mittersain, CEO of Nazara Technologies, remarked "Making India the gaming nation of the world has been a long-pursued dream for all of us at Nazara. India's largest domestic mutual fund investing in Nazara is an important milestone for us in this two decade long journey. We are very excited to welcome SBI Mutual Fund as our investor."

Vikash Mittersain, Chairman & MD of Nazara also added 'Highly respected investors backing Nazara makes me very proud of what we have built and I would like to extend a hearty welcome to SBI Mutual Fund."

Axis capital were advisors to the company for this transaction.

Shares of Nazara Technologies Limited was last trading in BSE at Rs. 877.10 as compared to the previous close of Rs. 882.25. The total number of shares traded during the day was 59560 in over 3207 trades.

The stock hit an intraday high of Rs. 897.05 and intraday low of 859.65. The net turnover during the day was Rs. 51975554.00.

Source : Equity Bulls

Keywords

NazaraTechnologies INE418L01021 PreferentialIssue SBIMutualFund