Nazara Technologies secures Rs. 410cr investment from SBI Mutual Fund
Nazara Technologies has gained board approval for a capital infusion of Rs. 410 crore from SBI Mutual Fund through the equity share issuance. This step comes as the diversified gaming and sports media company aims to bolster its financial resources for potential acquisitions, with the goal of expanding its business. The latest development comes a couple of days after Zerodha co-founder Nikhil Kamath invested Rs. 100 crore in Nazara Technologies.
Equity share issuance details
The board of Nazara Technologies has approved the issuance of 57,42,296 equity shares at a price of Rs. 714 per share, aggregating to nearly Rs. 410 crore. Vikash Mittersain, Chairman and MD of Nazara said, "Highly respected investors backing Nazara makes me very proud of what we have built and I would like to extend a hearty welcome to SBI Mutual Fund."
SBI Mutual Fund schemes' investment breakdown
SBI Mutual Fund, India's largest asset management company, will invest in Nazara Technologies through three mutual fund schemes. SBI Multicap Fund will invest about Rs. 200 crore, SBI Magnum Global Fund will invest Rs. 120 crore, and SBI Technology Opportunities Fund will invest the remaining Rs. 90 crore, according to a stock market filing.
