Nazra Technologies said its board has approved preferential allotment of fresh equity to raise Rs 315.3 crore from major institutional investors. “The company will issue 1,429,266 equity shares of face value of Rs 4 at a price of Rs 2,206 per equity share (including premium of Rs 2,202 per equity share),” Nazara Technologies said in a regulatory filing to the stock exchanges. Gaming Shares of the Company shall remain locked-in for a period of 1 year from the date of issue, as per SEBI regulations.
Nazara Technologies issued 1.42 million shares to Gamant Pte and Plutus Wealth Management at Rs 2,206 per share, a 16 per cent discount on the company’s share price on Wednesday.
Manish Aggarwal, CEO, Nazara Technologies, said, “We are thankful to our investors for their strong support of Nazara’s strategic vision and ability to meet its stated goals. Investments from such institutional investors act as a catalyst for Nazara Flywheel. Will work faster across all business segments and this will result in increased shareholder value.”
The gaming company plans to use the funds to invest in its growth initiatives and make acquisitions across various business verticals including gamified learning, freemium, skill-based real money gaming and esports.
In the recent past, Nazara Technologies acquired Hyderabad-based skill gaming company OpenPlay for Rs 186.4 crore. and NODWIN Gaming, an independent subsidiary of Nazara Technologies, acquired the gaming and adjacent intellectual property (IP) business of OML Entertainment for Rs 73 crore.
Nazara Technologies was established in the year 1999 in Mumbai and today it is the only listed gaming company in the country.
At 1:30 pm, shares of Nazara Technologies were trading 1.9 per cent higher at Rs 2,682 on the BSE, while the benchmark indices were up 1 per cent.