Nazara Technologies, a provider of digital games and esports, has raised a total of Rs 250 crore with support from ICICI Securities, Plutus Wealth Management, Kamath Associates & NKSquared, the co-founders of Zerodha. The Rs 750 crore fundraising campaign was announced in July 2023, and this is the third tranche.
According to documents filed with the National Stock Exchange, the board of Nazara Technologies has decided to issue 28,66,474 equity shares at an issue price of Rs 876.15 apiece in order to raise Rs 250 crore.
While ICICI Securities contributed Rs 65 crore, Kamath Associates and their NKSquared invested Rs 100 crore. In the new tranche, Plutus Wealth Management and Chartered Finance made contributions of Rs 50 crore and Rs 25 crore, respectively.
According to Nazara’s filings, the additional funds will be used to support the company’s growth goals and funding needs, including strategic acquisitions and investments in different corporate entities.
With the additional funding, Nikhil Kamath, co-founder of Zerodha, now owns 3.93% of the company through his two businesses, Kamath Associates and NKSquared, while Plutus Wealth will hold a 6.63% stake.
With this, the business has finished raising the Rs 750 crore it had planned to raise last year. The initial tranche included investments of Rs 100 crore from the Kamath brothers and Rs 410 crore from SBI Mutual Fund.
At present, Nazara is trading for Rs 936. Notably, on Monday the company reached its 52-week high of Rs 989.4.
In Q2 FY24, the company’s operating revenue increased by 16.83% to Rs 297.24 crore, and in the quarter that ended in September 2023, its profits increased by 7.86% to Rs 22.5 crore.
