The company’s board of directors has approved the raising of funds through a preferential agreement. equitysubject to regulatory and shareholder approvals.
This capital infusion willpower strategic fuel acquisitions, funds business expansion and improve the company’s ability to take advantage of new growth opportunities.
The preferred stock issue will be placed with prominent investors such as SBI Mutual fundThink Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Collegiate Investments Finance and Leasing, among others.
These shares will be subject to Sebi regulations and lock-up requirements.
In a parallel development, Nazara also acquired an additional 19.35% stake in Absolute Sports, the parent company of Sportskeeda, for Rs 145.5 crore, with 50% of the consideration paid in cash and the remaining amount in shares. With this, Nazara now holds a 91% ownership stake in Absolute Sports, consolidating its leadership position in the sports media domain. Sportskeeda, the flagship brand of Absolute Sports, reaches millions of sports fans globally every month, with significant traction in India and the US, where it is among the top sports platforms.
Additionally, Absolute Sports has recently expanded with the acquisition of Pro Football Network (PFN), SoapCentral and Deltia’s Gaming, further diversifying its sports and entertainment portfolio.
“Nazara has demonstrated its ability to attract top-tier investors who believe in our long-term vision of establishing India’s premier gaming powerhouse with global respect. This fundraise of Rs 900 crore will be instrumental in accelerating our growth in key segments,” said Nitish Mittersain, CEO and Joint Managing Director, Nazara Technologies.
“Furthermore, increasing our stake to 91% in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape. Absolute Sports’ growth from start-up to a global media player underlines our commitment to supporting innovative teams that consistently deliver transformative growth,” he added.
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