Nazara Technologies shares gain on board nod to raise funds

The share touched a 52-week high of Rs 789 and a 52-week low of Rs 481.95 on 12 September, 2022 and 20 March, 2023, respectively.

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Shares of Nazara Technologies gained in early trade on July 11 after the company decided to raise funds through issue of equity shares.

The board of directors of Nazara Technologies on July 10 approved raising its authorised share capital from Rs 30 crore to Rs 50 crore, subject to approval of shareholders.

The board also approved raising of funds by issuing equity shares of face value of Rs 4 each and/or any other equity linked instruments/securities or any combination thereof, for an aggregate amount not exceeding Rs 750 crore through one or more qualified institutional placements or preferential allotment or through combination thereof or any other permissible mode.

The fund-raising is subject to the receipt of the necessary approvals, including the approval of the shareholders of the company and such other regulatory/government authority, and requirements, as applicable, including constitution of a fund-raising committee to implement the proposed fund raise, approval of the notice to obtain shareholders’ approval in this regard.

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Prabudas Lilladher in its July 6 report said that the stock remains preferred pick in the media and entertainment space and expects sales/PAT CAGR of 27 percent/49 percent over FY23-25.

The broking house retained the ‘buy’ rating with a DCF-based Target Price of Rs 804.

While Nazara’s topline growth of 26.1 percent YoY will be aided by consolidation of WildWorks, we expect sequential expansion in EBITDA margin to 12 percent, said Prabudas Lilladher.

The brokerage house believes Nodwin is on a strong growth path as recent fund infusion of ~Rs 2 billion can help the business expand inorganically, while return of BGMI is a big positive for Esports viewership.

At 9:24am, Nazara Technologies was quoting Rs 729.60, up Rs 3.30, or 0.45 percent, on the BSE.

The share touched a 52-week high of Rs 789 and a 52-week low of Rs 481.95 on September 12, 2022 and March 20, 2023, respectively. The stock is now trading 7.53 percent below its 52-week high and 51.38 percent above its 52-week low.