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Nazara secures Rs410cr from SBI Life in Rs750cr Fundraise Plan

Sep 7, 2023

By: BlinkX Research Team

In a significant move Nazara Technologies, India's leading diversified gaming and sports media platform, has received shareholder approval to raise up to Rs 750 crore. The proposed issuance of equity shares will adhere to the lock-in requirements specified in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Nitish Mittersain, CEO of Nazara Technologies, expressed his enthusiasm for the company's progress, stating, “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.”

The infusion of fresh capital, totaling Rs 410 crore, from SBI Mutual Fund will play a pivotal role in Nazara Technologies' strategic expansion and development initiatives. The funds will be utilized for various purposes, including strategic acquisitions, investments in gaming-related ventures, meeting growth and funding requirements across subsidiaries, associates, and joint ventures, capital expenditures, working capital needs, and the repayment of debt obligations, if any, for the company and its subsidiaries.

Under this agreement, Nazara Technologies is set to issue 57,42,296 Equity Shares at a price of Rs. 714 per Equity Share to SBI Mutual Fund through a preferential issue on a private placement basis.

Notably, the investment from SBI Mutual Fund will be carried out through three of its schemes: SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund.