New Delhi: Listed gaming major Nazara Technologies has raised Rs. 855 crores From SBI Mutual Fund, Caratlane founder Mithun Sacheti, and Amara Capital, among others. The company announced its plans to raise the funds, it then said it would raise Rs. 900 crores by issuing preference shares on a private placement basis to fuel strategic acquisition, fund business expansion, and enhance the company’s ability to seize new growth opportunities.
In an exchange filing on Wednesday, Nazara said that, pursuant to the receipt of the application for money from the eligible allottees, its board approved an allotment of 89.59 Lakhs shares at Rs. 954.27 per share to raise to Rs. 855 crores.
SBI Mutual fund buys the highest 23.5 lakh shares of Nazara for Rs. 219.99 Cr in the round. Trailing SBI, Junomoneta, and Think India Opportunities Master Fund LP buy 15.71 lakh shares for Rs. 149.99 Cr, respectively. Sacheti and his brother Siddharth Sacheti, the CEO of Jaipur Gems bought shares of Rs. 74.99 Cr in a private placement round. Post the round, Nazara’s equity shares have been increased to 8.55 Cr from 7.65 Cr earlier.
It is pertinent to note that in its statement of September, Nazara also said that it has acquired an additional 19.35% stake in Absolute Sports Pvt Ltd, the parent company of Sportskeeda, for Rs. 145.5 Cr. However, last week the company said that its plan to acquire the additional stake in Sportskeeda parent has been deferred till December 17 due to procedural requirements.
Earlier this month, Nazara reported a 33% decline in its consolidated net profit to Rs. 16.24 Cr in Q2 FY25 from Rs. 24.18 Cr in a year ago period. Operating revenue grew 7% to Rs. 318.94 Cr from Rs. 297.24 Cr in a year ago quarter.
About Nazara
Nazara Technologies is an Indian technology which generally based on interest in games, esports, and sports media, it is based in Mumbai. Nazara Technology was founded by Nitish Mittersain in 1999 as an online gaming portal. They generally provide mobile games and give reports of sports media and sports news which they give services and develop some games for mobile.
