This S&P BSE Smallcap Stock rose 1.1% within the first hour of markets opening after having a deal involving 7.8% stake acquired by SBI Mutual Fund. The company has a market cap of Rs. 5,696 crore and is 7% away from its 52 week high, trading at Rs. 860.70 versus Rs. 870.75 at previous close.
The company stock was listed fairly recently in Q4 FY2020. The company is held 9.96% by Rakesh Junjhunwala & Associates. In early September 2023, Nikhil Kamath, CEO of Zerodha invested Rs. 100 Crore in cash into Nazara Technologies Ltd (“Nazara’) making his stake in the company 3.5% versus 1% prior to the transaction.
In a filing dated 11th October 2023, Nazara Technologies Ltd (‘Nazara”) stated that SBI Mutual FUnd has acquired 7.8322% fresh stake in the company, up from 0.2126% that SBI Mutual Fund already held. This brings SBI Mutual Fund’s holding in Nazara to 8.0448%.
In the aforementioned transaction SBI increased its stake by 3562% through acquisition of 57,42,302 shares. Total Shares owned by SBI Mutual FUnd in Nazara is now 58,98,169. The acquisition was via a private placement on a preferential basis.
With operations across emerging and developed international markets, including Africa and North America, Nazara Technologies is the top gaming and sports media platform with an Indian base. It offers services in the interactive gaming, eSports, and gamified early learning ecosystems.
The business is the owner of some of the most recognizable intellectual property (IP), including the mobile games WCC and CarromClash, Kiddopia for gamified early learning, Nodwin and Sportskeeda for eSports and eSports media, and Halaplay Technologies Private Limited (“Halaplay”) and Qunami for skill-based, fantasy, and trivia games.
Through Nodwin and Nextwave, respectively, Nazara was one of the first companies to enter the Indian eSports and cricket simulation markets.
Written by Sandeep R
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