Gaming and sports media company Nazara Technologies announced on Wednesday that its board has approved a preferential equity issue to raise Rs 900 crore. The funds will be used to drive strategic acquisitions, business expansion, and create new growth opportunities, according to a company statement.
“The preferential equity issue amounting to INR 900 crores will be placed with marquee 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, further strengthening Nazara’s financial foundation for long-term expansion,” the statement noted.
In addition to the fundraising, Nazara has increased its stake in Absolute Sports, the parent company of Sportskeeda, to 91%. This move came through the acquisition of an additional 19.35% stake for Rs 145.5 crore, with half of the amount paid in cash and the remainder in stock.
Nazara’s CEO and Joint Managing Director, Nitish Mittersain, expressed optimism about the company’s future: “This Rs 900 crore fundraise will be instrumental in accelerating our growth across key segments. Additionally, increasing our stake to 91 per cent in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape.”
With the infusion of fresh capital and the expanded stake in Sportskeeda, Nazara Technologies is poised for significant growth in both gaming and sports media sectors.
