Norges Bank Buys Nazara Shares Worth INR 70 Cr

SUMMARY

Norges Bank has bought 7.19 Lakh shares of gaming major Nazara Technologies via bulk deals

As per NSE data, Norges Bank acquired the shares at INR 969.65 per apiece

Last year, TIMF Holdings bought 12 Lakhs shares of online gaming major in a bulk deal worth INR 104.64 Cr

Norway’s central bank Norges Bank has bought 7.19 Lakh shares of gaming major Nazara Technologies via bulk deals.

As per NSE data, Norges Bank acquired the shares at INR 969.65 per apiece. The complete purchase was worth INR 69.71 Cr.

Norges Bank bought these total 7.19 Lakh shares through its Government Pension Fund Global.

This is the first instance of Norges Bank acquiring a stake in the company. As of January 17, foreign portfolio investors constituted 11.25% of Nazara’s equity.

Of these, M TIMF Holdings holds a 1.37% stake, Think India Opportunities Master Fund LP owns 2.66% and Cohesion Mk Best Ideas Sub-Trust holds 1.31%.

Last year, TIMF Holdings bought 12 Lakhs shares of online gaming major in a bulk deal worth INR 104.64 Cr.

In the same year, its promoter Mitter Infotech also sold 48.84 Lakh shares, or 6.38% stake, to Plutus Wealth Management in an on-market block deal.

Nazara’s Market Performance: Nazara debuted on Dalal Street on March 17, 2021 at a listing price of INR 1110 on BSE.

The stock has fallen 4.5% on a year-to-date basis against Sensex’s fall of 2.04% during the same period.

While 6 out of its last 10 trading sessions have ended in the green, the stock has surged 5.01% in the last one month.

Despite fluctuations in share price, Nazara has reported consistent profits since Q1 FY25.

However, for Q3 FY23, its consolidated net profit declined 53.5% to INR 13.7 Cr in the third quarter of the financial year 2024-25 (Q3 FY25) from INR 29.5 Cr in the year-ago quarter. On a sequential basis, profit declined 15.4% from INR 16.2 Cr.

Its operating revenue zoomed 66.8% year on year and 67.7% quarter on quarter to INR 320.4 Cr in Q3 FY24.

To expand its business portfolio, Nazara has been on a fundraising and acquisition spree over the last year or so.

Earlier this week, Nazara bought an additional 8.97% stake in Absolute Sports Private Limited, making the parent company of Sportskeeda its wholly-owned subsidiary.

Its major acquisitions include Fusebox Games, Pokerbaazi, Paperboat, STAN, Ninja Global FZCO, Freaks 4U and Circle of Games.

Last month, its shareholders approved issuing equity shares for cash on a preferential basis to raise INR 495 Cr from Axana Estates, which is backed by Plutus Wealth Management founder Arpit Khandelwal and CaratLane cofounder Mithun Sacheti.