Nazara Technologies Secures INR 220 Cr from SBI Funds Management Under the agreement, Nazara will issue 23.5 lakh equity shares to the SBI fund at a price of INR 954.27 per share, generating a total of INR 219.99 crore.

By Entrepreneur Staff

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Nitish Mittersain, CEO of Nazara Technologies

Nazara Technologies, a leading gaming and sports media company, has entered into a share subscription agreement with SBI Funds Management under its SBI Innovative Opportunities Fund to raise INR 220 crore. This investment is part of Nazara's larger INR 900 crore capital-raising plan announced last month, aimed at boosting its growth and expanding its business footprint.

Under the agreement, Nazara will issue 23.5 lakh equity shares to the SBI fund at a price of INR 954.27 per share, generating a total of INR 219.99 crore. Overall, the company plans to issue 94.3 lakh fully paid-up equity shares at the same price of INR 954.27 per share to select non-promoter investors. These investors include SBI Innovative Opportunities Fund, Junomoneta Finsol Private Limited, and Caratlane founder Mithun Sacheti, among others.

This fundraising initiative will not only provide Nazara with substantial capital but will also facilitate strategic acquisitions. A portion of the funds will be used to acquire an additional 19.35% stake in Absolute Sports Private Limited, Nazara's subsidiary and the parent company of the popular sports platform Sportskeeda.

The acquisition involves purchasing 41,173 equity shares from existing shareholders Porush Jain and Srinivas Cuddapah for a total consideration of INR 145.47 crore. The deal will be partially paid in cash (INR 72.73 crore) and through a share swap of Nazara's equity shares (INR 72.73 crore).

Once the transaction is complete, Nazara will hold a commanding 91.03% stake in Absolute Sports, further solidifying its position in the rapidly growing sports media and gaming industry.

This strategic move follows Nazara's continuous efforts to strengthen its presence in the gaming and sports sectors, with support from key investors and a focus on expanding its product offerings.
Entrepreneur Staff

Entrepreneur Staff

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