Nikhil Kamath's NKSquared & Kamath Associates, ICICI Prudential MF & Plutus Wealth to increase stake in Nazara through preferential issue of INR 250 crores

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 preferential allotment of equity shares to raise up to INR 250 crores, 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 up to 28,66,474 (Twenty-Eight Lakh Sixty-Six Thousand Four Hundred and Four) equity shares of face value of Rs. 4/- each at a price of Rs. 872.15/- per equity share aggregating to INR 249,99,95,299 (Rupees Two Hundred Forty-Nine Crores Ninety Nine Ninety Five Thousand Two Hundred and Ninety Nine only) ("Issue") to the following entities:

Kamath Associates - Rs. 50 Crores
NKSquared - Rs. 50 Crores
Plutus Wealth Management Pvt Ltd - Rs. 50 Crores
Chartered Finance & Leasing Limited - Rs. 25 Crores
ICICI Prudential ESG Fund - Rs. 13 Crores
ICICI Prudential Flexicap Fund - Rs. 22 Crores
ICICI Prudential Technology Fund - Rs. 40 Crores.

As per the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements), Regulations, 2018, these equity shares will be locked in for a period of 6 months from the date of receipt of trading approval.

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 general corporate purposes.

This successful fundraise represents a significant milestone for Nazara and concludes the planned fundraise of Rs. 750 crores that was announced earlier in FY24.

Nitish Mittersain, Founder & CEO of Nazara Technologies, expressed his enthusiasm, stating, "We are immensely grateful for the robust support from our esteemed investors, such as Nikhil Kamath, ICICI Prudential MF, and Plutus Wealth, who have substantially increased their investments in Nazara. This not only reinforces their belief in our strategic vision and direction but also significantly strengthens our financial standing. With our consolidated cash reserves now exceeding INR 1500 crores, Nazara is exceptionally well-positioned to pursue both organic growth and strategic acquisitions."

This fund raise was supported by Axis Capital.

Shares of Nazara Technologies Limited was last trading in BSE at Rs. 937.00 as compared to the previous close of Rs. 966.95. The total number of shares traded during the day was 23393 in over 2396 trades.

The stock hit an intraday high of Rs. 966.95 and intraday low of 931.70. The net turnover during the day was Rs. 22159259.00.

Source : Equity Bulls

Keywords

NazaraTechnologies INE418L01021 FundRaising PreferentialIssue