The listed major announced that it is planning to raise an undisclosed amount of funding via issuance of preference shares
The listed company has scheduled the board meeting on 20 January, seeking approval for the funding
Nazara recently raised INR 855 Cr from SBI Mutual Fund, Caratlane founder Mithun Sacheti, Aamara Capital, among others via issuance of preference shares
The shares of gaming major Nazara spiked as much as 5.52% to reach INR 983.30 during the intraday trading session on the BSE today (January 16) after the company announced that it is planning to raise an undisclosed amount of funding via issuance of preference shares.
The listed company has scheduled the board meeting on 20 January, seeking approval for the funding, it said in a BSE filing yesterday (January 15).
“.. approve the issuance of equity shares / securities of the company on a preferential basis, to one or more persons, in accordance with the Companies Act, 2013 read with the rules notified thereunder, each as amended, and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018,” the filing added.
This comes at a time when Nazara recently raised INR 855 Cr from SBI Mutual Fund, Caratlane founder Mithun Sacheti, Aamara Capital, among others via issuance of preference shares. Back then, the company said that it was planning to fuel “strategic acquisitions, fund business expansion, and enhance the company’s ability to seize new growth opportunities” with the freshly raised capital.
Last year, Nazara was bullish on acquisitions to strengthen its gaming portfolio and expand global footprint. In August, the gaming major acquired London-based gaming studio Fusebox Games for £21.18 Mn (around INR 234.55 Cr).
It also picked up additional stakes in companies like Paper Boat Apps Pvt Ltd (PBA), Pokerbaazi, and GetStan Technologies Pte. Ltd (STAN).
Last month, the company announced its plan to acquire additional stake in three of its subsidiaries – NODWIN Gaming, Absolute Sports, and adtech Datawrkz. Additionally, it announced its aim to make investments in kids-play centre company Funky Monkeys and edtech Learntube.ai.
While two of these deals including NODWIN and Absolute Sports were done last month, other three are yet to materialise.
Nazara posted a 33% decline in its consolidated net profit to INR 16.24 Cr in the Q2 FY25, against INR 24.18 Cr in the corresponding quarter last fiscal. However, its operating revenue grew 7% to INR 318.94 Cr in the quarter under review from INR 297.24 Cr in the year-ago quarter.
