Share price of the leading India-based diversified gaming and sports media platform moved up by nearly 1.68 percent to Rs. 906.55 in the morning trading session of January 24, after the company announced making a recent acquisition.
With a market cap of Rs. 6,505.78 crore, shares of Nazara Technologies Ltd opened at Rs. 896.5 on Wednesday from its previous close of Rs. 891.65. The company has delivered a positive return of more than 36.5 percent in the last six months, and more than 45.1 percent in the last one year. So far, it has given around 3.73 percent returns in 2024.
According to the recent filings on the stock exchanges, NODWIN Gaming, a material and independent subsidiary of Nazara Technologies Ltd., acquired 100 percent of the shares of Comic Con India on Wednesday at a valuation of Rs. 55 crore.
This acquisition happened through a combination of cash and share swap from the founders of Comic Con India – Jatin Varma and Karan Kalra. Further, it’s mentioned that they will continue to operate the business as part of NODWIN Gaming.
This acquisition is especially noteworthy as the managing team at Comic Con India will also become shareholders in NODWIN Gaming by swapping Rs. 27.5 crore of their Comicon India shares with NODWIN shares.
Founded in 2011, Comi Con India is a company orchestrating several festivals across India, celebrating multiple popular culture elements including gaming, movies, comics, cosplay, TV shows and much more. The company is famous for hosting a wide range of pop cultural festivals targeting youth in India.
NODWIN Gaming is valued at $349 million as of May 2023 and has expertise in the mobile gaming and esports sector. The company is the front-runner in South Asia’s esports and gaming industry. Its business centres around building and monetising gaming and esports IPs like leagues, tournaments, and reality shows.
Established in 1999, Nazara Technologies has grown from a games portal to India’s only listed games company, a multi-million dollar diversified gaming and sports media platform.
In terms of financials, the revenue from operations of Nazara Technologies grew by 12.68 percent from Rs. 254 crore in the June 2023 quarter to Rs. 297 crore in the September 2023 quarter, accompanied by an increase in net profit from Rs. 21 crore in the June 2023 quarter to Rs. 24 crore in the
September 2023 quarter.
As of December 2023, FIIs hold 10.46 percent of the shares, whereas DIIs hold 15.9 percent of the shares in the company, aggregating to 26.36 percent of the institutional holdings. The Promoters’ holdings have decreased from 19.01 percent in the September 2023 quarter to 17.16 percent in the December 2023 quarter.
As mentioned in the press release dated January 24, the plan behind this acquisition is to expand the platform for gaming enthusiasts, comic fans and pop culture aficionados, and is set to redefine the entertainment industry making it a global phenomenon that goes beyond geographical and cultural boundaries.
Written by Shivani Singh
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