Nazara Technologies, on Thursday, announced that its board has approved an issue of equity shares having face value of Rs 4 each, to raise up to Rs 410 crores from SBI Mutual Fund. “Nazara Technologies Limited, an India based, diversified gaming and sports media platform today announced that its board has approved an issue of equity shares having face value of Rs 4 each (Equity Shares), to raise up to Rs 410 crores, on preferential basis, subject to the receipt of approval of the shareholders of the Company and such regulatory / statutory authorities as may be applicable,” the company said in a regulatory filing.
The Company is proposing to issue 57,42,296 equity shares at a price of Rs 714 per equity share aggregating to Rs 4,099,999,344 to SBI Mutual Fund, by way of preferential issue on private placement basis, it said.
The funds will be invested via three schemes of SBI Mutual Fund namely SBI Multicap Fund, SBI Magnum Global Fund and SBI Technology Opportunities Fund. While SBI Multicap Fund will be investing about Rs 200 crore, SBI Magnum Global Fund is investing about Rs 120 crore and SBI Technology Opportunities Fund is investing the remaining Rs 90 crore.
“The aforesaid issue is being made in addition to the issuance of up to 14,00,560 fully paid-up Equity Shares approved by the Board in its meeting held on September 4, 2023, both together aggregating to an amount not exceeding Rs 510 crores,” it said.
The fresh funds will be utilized to invest in funding requirements and growth objectives of Nazara including for making strategic acquisitions and investments in various companies, meeting growth and funding requirements based on the business opportunities across the subsidiaries of the Company, meeting capital expenditures and working capital requirements and repayment of debt obligations of the company and its subsidiaries from time to time if any.
Nitish Mittersain, CEO, Nazara Technologies, said, “Making India the gaming nation of the world has been a long-pursued dream for all of us at Nazara. India’s largest domestic mutual fund investing in Nazara is an important milestone for us in this two decade long journey. We are very excited to welcome SBI Mutual Fund as our investor.”
Vikash Mittersain, Chairman & MD of Nazara, added, “Highly respected investors backing Nazara makes me very proud of what we have built and I would like to extend a hearty welcome to SBI Mutual Fund.”
Axis capital were advisors to the company for this transaction.