Nazara Technologies raises Rs 855 crore via preferential shares

New Delhi: Nazara Technologies has raised Rs 855 crore through a preferential share allotment. 

The fundraise was announced in September, with the company initially planning to raise Rs 900 crore to fuel strategic acquisitions, business expansion, and enhance its market position to seize new growth opportunities.

The preferential issue attracted investments from entities such as SBI Mutual Fund, alongside Caratlane founder Mithun Sacheti, Aamara Capital, and several others. 

This round saw the issuance of 89.59 lakh equity shares at Rs 954.27 per share, effectively increasing the company's paid-up share capital from Rs 30.6 crore to Rs 34.2 crore.

Nazara Technologies, backed by Nikhil Kamath, has been actively pursuing acquisitions to broaden its portfolio. The funds from this round are partly earmarked to increase its stake in Absolute Sports, the parent company of the sports platform Sportskeeda, by acquiring an additional 19.35% stake for Rs 145.47 crore. This acquisition strategy is part of Nazara's long-term vision to establish itself as a global gaming powerhouse from India.

This fundraising has come at a time when Nazara Technologies is expanding its footprint both domestically and internationally, with recent acquisitions including a stake in Moonshine Technology, the parent company of PokerBaazi, and other strategic investments in the gaming and esports sector.