Rakesh Jhunjhunwala’s portfolio stock raises Rs 5,09,99,99,184 through preferential issue!

The funds raised will be used to invest in funding requirements and growth objectives of the company.

Nazara Technologies Limited has approved a preferential allotment of equity shares to raise up to Rs 5,09,99,99,184 (Rs 510 crores). The company plans to issue 71,42,856 equity shares of face value of Rs 4 each at a price of Rs 714 per share.

The funds raised will be used to invest in funding requirements and growth objectives of the company, including making strategic acquisitions and investments in various companies, meeting growth and funding requirements based on the business opportunities across the subsidiaries, associates, and joint ventures of the company, and meeting capital expenditures and working capital requirements.

The company has proposed to issue 14,00,560 equity shares of face value Rs 4 each at a price of Rs 714 per share aggregating to Rs 999,999,840 proportionately to Kamath Associates and NKSquared. The remaining 57,42,296 equity shares will be issued to SBI Mutual Fund at the same price.

Nazara Technologies is the leading India-based diversified gaming and sports media platform with a presence in India and across emerging and developed global markets such as Africa and North America, and offerings across interactive gaming, eSports and gamified early learning ecosystems. Ace investor, Rakesh Jhunjhunwala had a 10.02 per cent stake in the company. 

In the last 6 months, the shares of the company have given more than 65 per cent returns, and on a YTD basis, the stock has given about 40 per cent returns.

The stock has shown impressive growth and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.