Rakesh Jhunjhunwala’s portfolio stock: The board of this gaming company approves Rs 750 crore fund raise plan!

The authorized share capital of the company will be increased from Rs 30 crores to Rs 50 crores.

Nazara Technologies is a top Indian gaming and sports media platform with a global presence. It offers interactive gaming, eSports, and gamified learning products. The company owns popular IPs such as WCC, CarromClash, Kiddopia, Nodwin, Sportskeeda, Halaplay, and Qunami. Nazara Technologies was an early entrant in the Indian eSports and cricket simulation markets. It operates in emerging and developed markets, including Africa and North America, cementing its position as a leading player in the gaming and sports media industry.

Nazara Technologies Limited held a board meeting on July 10, 2023, where several key decisions were made. The authorized share capital of the company will be increased from Rs 30 crore to Rs 50 crore, pending shareholder approval. The Board also approved the fundraising plan of issuing equity shares and/or equity-linked instruments/securities, or a combination thereof, for an aggregate amount not exceeding Rs 750 crores.

This will be done through qualified institutional placements, preferential allotment, or any other permissible mode, subject to necessary approvals. To implement the proposed fund raise, a fund raising committee will be constituted, and a postal ballot process will be carried out to seek approval from shareholders for the increase in authorized share capital and the issuance of securities.

The company has delivered returns of 24 per cent over the past year and negative returns of 13 per cent from the date of its listing in April 2021.

On Monday, shares of this company surged by more than 0.78 per cent and traded at Rs 736.30.

Investors should keep a close eye on this gaming stock!