The second installment of Nazara Technologies’ $750 million fundraising campaign saw the company raise Rs 410 crore from SBI Mutual Fund.
According to regulatory filings with the National Stock Exchange (NSE), the board of Nazara Technologies has approved a resolution to issue 57,42,296 equity shares at a price of Rs 714 each in order to raise Rs 410 crore.
Three SBI Mutual Fund schemes, SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund, each contributed Rs 200 crore, Rs 120 crore, and Rs 90 crore to the round.
Following the investment, the SBI Mutual fund will own 7.83% of the business, according to filings.
According to a filing by Nazara, the new funds will be used to invest in the firm’s funding needs and growth goals, including strategic acquisitions and investments in different corporate entities.
This change comes after the Kamath brothers received Rs 100 crore from Zerodha via a right issue, enabling the latter to own 2.72% of the gaming company.
As of 07/09/2023, at 12:47 AM, Nazara’s market cap is Rs 5,765.4 crore ($698 million), and its share price is Rs 871.05. Additionally, the business reached its 52-week high of Rs 929.05.
In the first quarter of FY24, the company’s scale increased significantly by 14%. From Rs 223.1 crore in Q3 FY23, its operating revenue increased significantly to Rs 254.4 crore in Q1 FY24. Additionally, its profit increased 31.19% quarter over quarter to Rs 20.86 crore.
