Online gaming major Nazara raises Rs410 cr

New Delhi: Online gaming major Nazara Technologies on Thursday announced that its board has approved an issue of equity shares with face value of Rs 4 each to raise up to Rs 410 crore from SBI Mutual Fund.

The company is proposing to issue 57,42,296 equity shares at a price of Rs 714 per share aggregating to Rs 4,099,999,344 to SBI Mutual Fund, by way of preferential issue on private placement basis.

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, said the gaming company.

“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,” said Vikash Mittersain, Chairman and MD of Nazara.

The issue of equity shares 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.

Both together aggregate to an amount not exceeding Rs 510 crore.

Nazara Technologies share was around Rs 877.4 per share on Thursday morning.