Nazara To Raise Another INR 900 Cr From SBI Mutual Fund, Others; Hikes Stake In Absolute Sports To 91%

Nazara To Raise Another INR 900 Cr From SBI Mutual Fund, Others; Hikes Stake In Absolute Sports To 91%

SUMMARY

Nazara will raise the funds from SBI Mutual Fund, Mithun and Siddharth Sacheti, Junomoneta Finsol, Think India Opportunities Master Fund LP, among others

The company said that the capital infusion will fuel strategic acquisitions, fund business expansion, and enhance its ability to seize new growth opportunities

Nazara’s board also approved a proposal for the company to increase its stake in Absolute Sports Pvt, a subsidiary of the company which operates Sportskeeda, to 91%

Gaming giant Nazara Technologies plans to raise another INR 900 Cr from SBI Mutual Fund, CaratLane founder Mithun Sacheti, among others, to boost its growth trajectory.

In an exchange filing, the company said that its board has approved a preferential equity issue to raise INR 900 Cr. The company will raise the funds by issuing up to 94.31 Lakh fully paid equity shares at a price of INR 954.27 per share.

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