Nazara Technologies zooms to 52-week high on plans to raise funds

A meeting of the board of directors of Nazara Technologies is scheduled to be held on Thursday, September 7, to consider and if thought fit, approve raising of additional funds from additional investors by issuance of equity shares or securities of the company on a preferential basis.

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Shares of Nazara Technologies rallied 5 percent to a 52-week high of Rs 894.30 on September 5 after the company said it will discuss plans to raise additional funds at the upcoming board meet.

A meeting of the company’s board of directors is scheduled on September 7 to consider and, if thought fit, approve raising of additional funds by issuing equity shares or securities of the company on a preferential basis, in accordance with the Companies Act, 2013.

At 9:30am, shares of the online gaming company were trading 6.4 percent higher at Rs 888.05 on the BSE. The scrip has rallied 17 percent in the past one week.

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Nazara Technologies is in talks with both domestic and international investors to secure funding to raise funds, as part of its plan to build a warchest for potential acquisitions to scale up all of its business segments.

On September 4, the gaming and sports media company announced that its board has given the green light to raise funds with Zerodha co-founder Nikhil Kamath’s two firms, Kamath Associates and NKSquared, offering up to Rs 100 crore. This funding is a component of the company’s larger goal of raising up to Rs 750 crore, which was approved by the board in July and is valid for one year.

The management plans to keep investing in areas like eSports, RMG, and Adtech to maintain its strategic leadership. At the same time, it aims to enhance margin in FY24 as compared with FY23.