Even amidst GST gloom, the gaming industry continues to attract new investments. Nazara Technologies’ board has approved the issuance of shares worth Rs 100 crore to Zerodha’s founders, Nikhil and Nithin Kamath. The gaming company made this announcement on September 4 in a notice to the stock exchanges.
The company plans to issue 14,00,560 equity shares with a face value of Rs. 4/- each at a price of Rs. 714/- per equity share, totaling INR 999,999,840/-. These shares will be allotted proportionately to M/s Kamath Associates & M/s NKSquared and will be subject to a lock-in period of 6 months from the date of issue, in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.
The fresh funds infusion will be utilized for various purposes, including funding requirements, supporting growth objectives, making strategic acquisitions and investments in other companies, entities, and subsidiaries. It will also cater to the funding requirements across Nazara Technologies’ subsidiaries, associates, and joint ventures.
Nitish Mittersain, chief executive officer of Nazara Technologies, said “Nikhil Kamath symbolizes success in India’s tech arena, and this fund raise holds immense value for us at Nazara as we continue to build a diversified gaming platform in India. Beyond the funds raised, his investment stands as a resounding vote of confidence in Nazara.”
Nikhil Kamath, Partner of Kamath Associates & NKSquared, expressed optimism about the future of gaming in India, saying, “Gaming in India is poised for strong growth in the years to come, and Nazara has built a well-diversified, profitable gaming platform well suited to take advantage of opportunities in the years ahead. We look forward to supporting Nitish and his team in achieving their growth aspirations for Nazara.”