This Jhunjhunwala's portfolio stock Dominates Headlines with Interesting Developments!
The scrip witnessed massive spurt in volume by more than 2.49 times.
On Friday, shares of Nazara Technologies zoomed more than 8.9 per cent to make an intraday high of Rs 632.60 apiece on BSE. The scrip witnessed massive spurt in volume by more than 2.49 times.
Nazara Technologies Limited's Board of Directors convened a meeting on Thursday, May 18, 2023, where several significant decisions were made. Firstly, they gave their preliminary approval for Nodwin Gaming Private Limited (a key subsidiary of Nazara) to raise funds up to Rs 197.20 crore. This would be accomplished through a primary infusion of equity shares at a pre-money valuation of Rs 2624 crore, offering these shares to specific investors through private placement, subject to necessary approvals.
Secondly, the Board agreed to strategically invest in Nodwin by combining primary equity infusion and secondary acquisition. This would involve subscribing to 158 equity shares of Nodwin at a value of up to Rs 25.30 crore and acquiring 217 equity shares from existing shareholders, Good Game Investment Trust and Jet Synthesis Private Limited, for a total consideration of Rs 34.76 crore.
Additionally, the Board of Directors of Nodwin Gaming Private Limited, in their meeting on May 18, 2023, approved the proposal to raise funds of Rs 197.20 crore through private placement and secondary sale of shares worth Rs 34.76 crore by the founding shareholders to Nazara Technologies Limited. Consequently, the overall transaction value, including the secondary sale, amounts to Rs 232 crore.
Nodwin Gaming Private Limited has further announced the execution of a Share Purchase and Share Subscription Agreement on May 18, 2023, involving multiple parties such as Sony Group Corporation, KRAFTON Inc., Nazara Technologies Limited, Jetsynthesys Private Limited, Innopark (India) Private Limited, Good Game Investment Trust, and the founders Akshat Rathee and Gautam Virk. This agreement allows for the issuance of up to 1231 equity shares at a face value of Rs. 10/- each totaling Rs 197.19 crore in cash through private placement to the proposed investors.
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Nazara Technologies is the leading India based diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America, and offerings across the interactive gaming, eSports and gamified early learning ecosystems. As on March 31, 2023, Rekha Rakesh Jhunjhunwala, held 9.96 per cent stake in the company.
Keep a close eye on this trending stock.