Nazara nets $100m to accelerate strategic acquisitions and expansion plans

Indian gaming and sports media firm Nazara Technologies has raised ₹855 crore ($100 million) from a preferential issue. 

As reported by Entracker, the funds will support strategic acquisitions and business expansion in the games and sports media industries. The move has also received in-principle approval from the BSE and NSE, with final listing and trading approvals pending.

Fueling investment growth

SBI Innovative Opportunities Fund led Nazara's investment with ₹220 crore ($26.4m) for over 23 lakh shares, followed by Junomoneta Finsol and Think India Opportunities Master Fund LP, each contributing ₹150 crore ($18m)

Additional investors included Siddhartha Sacheti and Mithun Padam Sacheti ₹75 crore ($9m) each, Cohesion MK Best Ideas Sub-Trust ₹57 crore ($6.5m), and others with smaller contributions. 

Nazara said that the allotment has increased its paid-up equity share capital from ₹30.62 crore ($3.6m) to ₹34.20 crore ($4m).

“With Nazara successfully closing INR 855 crores funding round, we have our work cut out in front of us to deploy the capital diligently to create significant shareholder values," said Nazara CEO and joint MD Nitish Mittersain. 

The Mumbai-based firm has been steadily raising funds, including a recent $108m raised through preferential equity to power its M&A spree. Deals over the past year include a $117m investment in PokerBaazi, the acquisition of Fusebox Games for $27.2m and the recent backing of Norian Games and Xigma Games.