Nazara Technologies Limited, an India-based diversified gaming and sports media platform, announced today that its board of directors has approved a preferential allotment of new equity to raise INR 315.30 crores from marquee institutional investors, subject to the approval of the Company’s shareholders and applicable regulatory/statutory authorities.
The Company will issue 1,429,266 equity shares, each with a face value of Rs. 4/-, at a price of Rs. 2,206/- (plus a premium of Rs. 2,202/- per equity share). These shares will be locked in for a year from the date of issue, according to SEBI ICDR Guidelines.
This infusion of fresh funds will be utilized 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.
Says Nazara Technologies Ltd., CEO, Manish Agarwal, “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”