Nazara Technologies Limited’s shares were up by 4.70 per cent after the company announced the approval of a preferential allotment of equity shares with the aim of raising up to Rs. 100 crore.
Under this proposal, Nazara intends to issue 14,00,560 equity shares with a face value of Rs.4 each at a price of Rs. 714 per equity share, aggregating to Rs. 100 crore. These shares will be proportionately allotted to M/s Kamath Associates and M/s NKSquared. These equity shares will be locked in for a period of six months from the date of issue.
The infusion of fresh funds through this preferential share issue will be utilized to support Nazara’s growth objectives. This includes investments in funding requirements, acquisitions, and investments in various companies, subsidiaries, associates, and joint ventures as per the business opportunities across Nazara’s portfolio.
The shares were up by 4.70 per cent to Rs. 794.90 at 09.50 am on the BSE.