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Nazara Technologies Limited, a diversified gaming and sports media platform, on Monday announced that its board has approved preferential allotment of equity shares to raise up to INR 100 crore, subject to approval of the shareholders of the company.
“The Company is proposing to issue 14,00,560 equity shares of face value of INR 4 each at a price of INR 714 per equity share aggregating to INR 999,999,840 (Issue) proportionately to Kamath Associates and NKSquared,” stated the company in a regulatory filing.
As per the filing, 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 investments in various companies / body corporates / entities, meeting growth and funding requirements based on the business opportunities across the subsidiaries / associates / joint venture of the Company, as applicable, through investment in subsidiaries / associates / joint venture of the Company.
“Gaming in India is poised for strong growth in the years to come and Nazara has built a well-diversified, profitable gaming platform well suited to take advantage of opportunities in the years ahead. We look forward to supporting Nitish and his team in achieving their growth aspirations for Nazara,” said Nikhil Kamath, Partner of Kamath Associates & NKSquared.
According to 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 issue.
“Nikhil Kamath symbolizes success in India’s tech arena, and this fund raise holds immense value for us at Nazara as we continue to build a diversified gaming platform in India. Beyond the funds raised, his investment stands as a resounding vote of confidence in Nazara,” said Nitish Mittersain, CEO, Nazara Technologies.