Nazara raised $108 M from SBI MF; market cap reaches $1 B
In a funding round headed by SBI Mutual Fund and including participation from Juno Moneta Finsol, Think India Opportunities Fund, Discovery Global, and other investors, gaming company Nazara is seeking to raise Rs 900 crore, or roughly $108 million.
According to its disclosure filed with the National Stock Exchange (NSE), Nazara’s board has approved a resolution to issue 94,31,294 equity shares at an issue price of Rs 954.27 each, raising Rs 900 crore ($108 million).
With Rs 220 crore, SBI Mutual Fund took the lead in the round, while Juno Moneta Finsol
Each contribution from Think India Opportunities Fund was Rs 150 crore. Siddharth and Mithun Sacheti, co-founders of Caratlane, also took part, contributing Rs 155 crore. Discovery Global, Cohesion MK, Chartered Finance, Ratnabali Investment, Meenakshi Mercantiles, and Aamara Capital provided the remaining funds.
According to the filing, the meeting for the shareholders’ approval of the preferential allotment is set for October 12 and is subject to change.
For Rs 145.47 crore, Nazara made a separate strategic acquisition of a 19.35% stake in Absolute Sports, the parent company of Sportskeeda. Of this total, Rs 72.73 crore will be paid in cash, and the remaining amount will be obtained by trading Nazara’s shares for other shares.
Nazara will own a 91.03% share in Absolute Sports following this transaction. Over the last few months, Absolute Sports has purchased the assets of DeltiasGaming and SoapCentral.com.
Today, at Rs 1,098, the company hit its 52-week high. It closed the day’s trading at Rs 1,095.