Nazara Technologies Limited, a diversified gaming and sports media platform, has announced that its board has approved preferential allotment of fresh equity to raise Rs 315.30 crore from marquee institutional investors subject to the approval of shareholders and 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, the shares will be locked in for a period of one year from the date of issue.
This infusion of fresh funds will be utilised 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.
Manish Agarwal, CEO, Nazara Technologies Ltd., 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.”
The ‘Friends of Nazara’ network comprises 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.