Nazara Technologies Gets Board Nod To Raise Rs 900 Crore Via Preferential Issue

Nazara Technologies Ltd. on Wednesday said its board of directors has approved the proposal to raise up to Rs 900 crore via a preferential issue of shares.

The company would be issuing 94.3 lakh shares, carrying a face value of Rs 4 each, at an issue price of Rs 954.27 per equity share, Nazara Technologies said in an exchange filing.

The shares would be allotted on a preferential basis to "identified investors who are non-promoters,"  it added.

The maximum number of equity shares, 23.05 lakh, are proposed to be allotted to the SBI Innovative Opportunities Fund, which is a scheme of the SBI Mutual Fund.

The company has also proposed to allot 15.71 lakh shares each to Junomoneta Finsol Pvt. and Think India Opportunities Master Fund LP, followed by 8.38 lakh shares to Discovery Global Opportunity Mauritius Ltd.

Separately, Nazara Technologies' board gave the nod to acquire an additional stake of 19.35% in Absolute Sports Pvt., which is a subsidiary of the company.

The stake would be bought from existing shareholders—Porush Jain and Srinivas Cuddapah—for an aggregate consideration not exceeding Rs 145.47 crore. Half of the amount would be paid through cash consideration and the remainder through a share swap, the exchange filing noted.

Nazara Technologies was also in the news last week after it announced an investment of Rs 982 crore in Moonshine Technology, which is the owner of leading online poker gaming platform 'PokerBaazi'.

On Wednesday, the company's shares closed 1.78% higher at Rs 1,087.35 apiece on the NSE, as compared to a 0.16% decline in the benchmark Nifty 50.