Mumbai, Sep 18 (IANS) Homegrown gaming and sports media company Nazara Technologies on Wednesday said it has raised Rs 900 crore as preferential equity issue to boost its growth trajectory.
The capital infusion will fuel strategic acquisitions, fund business expansion, and enhance the company’s ability to seize new growth opportunities, it said in a statement.
Nazara also acquired an additional 19.35 per cent stake in Absolute Sports, the parent company of Sportskeeda, for Rs 145.5 crore, with 50 per cent of the consideration paid in cash and the remaining amount in stock. With this, Nazara now holds a 91 per cent ownership stake in Absolute Sports.
“The Rs 900 crore fundraise will be instrumental in accelerating our growth across key segments. Additionally, the growth of Absolute Sports, from its early days as a startup to becoming a global media player, underscores our commitment to supporting innovative teams that consistently deliver transformational growth,” said Nitish Mittersain, CEO and Joint MD of Nazara Technologies.
The preferential equity issue will be placed with investors such as SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital.
These shares will be subject to SEBI regulations and lock-in requirements as per Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018.
Sportskeeda reaches millions of sports fans globally each month, with significant traction in India and the US.
Nazara last week acquired 47.7 per cent stake in Moonshine Technology, the parent company of PokerBaazi, for Rs 832 crore through a secondary transaction. Additionally, Nazara will infuse Rs 150 crore in primary capital into Moonshine via compulsory convertible preference shares.
PokerBaazi drives over 85 per cent of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12 per cent. PokerBaazi had 340,000 monthly active users (as of May 2024).
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
