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Nazara Technologies Limited, India’s largest diversified gaming and media company (BSE: 543280 NSE: NAZARA), announced today its largest fund raising to boost its growth trajectory. The board of the company has approved an equity preferential issue that will raise INR 900 Crores. This is subject to shareholder approval and regulatory approval. This capital injection will be used to fund strategic acquisitions, expand the business, and improve the company’s capacity to capture new growth opportunities.
These investors will receive the preferential equity amounting to INR 900 Crores. They include SBI Mutual Funds, Think Investments and Discovery Investments. Mithun and Siddharth Sacheti are also included. These shares are subject to SEBI regulations and will have lock-in requirements according to Chapter V of SEBI’s (Issuance of Capital and Disclosure Requirements 2018).
Nazara has also acquired a 19.35% additional stake in Absolute Sports Pvt. Ltd., parent company of Sportskeeda for INR 145.5 Crores. 50% of the amount was paid in cash, and the remainder in stock. Nazara has now acquired a 91% stake in Absolute Sports and is firmly in control of the sports media industry.
Absolute Sports flagship brand Sportskeeda reaches millions of sports enthusiasts globally every month. It is a top-rated sports platform in India and America. Absolute Sports recently expanded its portfolio by acquiring Pro Football Network, SoapCentral and Deltia’s Gaming.
Nitish Mittersain said, “Nazara Technologies Limited has proven its ability to attract investors of the highest caliber who believe in Nazara’s long-term vision. We want India to be the first global gaming powerhouse. This INR 900-crore fundraise is crucial to accelerating our growth in key segments. Increasing our stake in Absolute Sports to 91% reinforces our leadership within the sports media landscape. Absolute Sports’ growth from a small startup to a global player in media underscores our commitment towards supporting innovative teams who consistently deliver growth.
