Nazara Technologies to Raise ₹733 Crore for Acquisitions and Growth
Nazara Technologies has approved raising up to ₹733.5 crore through a preferential issue of equity shares. The funds are earmarked for strategic acquisitions and growth initiatives across its gaming portfolio.
Indian gaming company Nazara Technologies announced on Monday its approval to raise up to ₹733.5 crore (approximately $8.8 million) via a preferential issue of equity shares. The capital infusion is intended to finance strategic acquisitions, accelerate growth initiatives within its gaming portfolio, and invest in AI-driven game development capabilities.
The company's board greenlit the issuance of up to 23.9 million equity shares at a price of ₹306 per share. The preferential issue will be fully subscribed by the founders and senior leadership team of Bluetile Games and BestPlay Systems, entities Nazara acquired earlier this year. Nazara stated the investment underscores investor confidence in its long-term growth strategy.
Raymond Albaladejo Stauffer, who is set to become CEO on September 1, will invest approximately ₹583.5 crore as part of the issue. This investment will make him a significant individual shareholder in the company.
The move comes as Nazara seeks to expand its market presence and enhance its technological capabilities within the competitive global gaming sector.