Nazara Tech to raise Rs 900 crore; Increases stick in Absolute Sports to 91%

Gaming and sports media company Nazara Technologies announced on Wednesday that its board has approved a favorable equity issue to raise ₹900 crore. The company also divulged that it has increased its stick in Absolute Sports to 91 percent.

The fresh capital will fuel the firm's strategic acquisitions and business expansion, and provide newer growth opportunities, a company statement said.

"The preferential equity issue amounting to INR 900 crores will be placed with marquee investors such as SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital, further strengthening Nazara's financial foundation for long-term expansion," it said.

Nazara acquired an additional 19.35 percent stake in Absolute Sports, the parent company of Sportskeeda, for ₹145.5 crore, with half of the payment made in cash and the rest in stock. As a result of this acquisition, Nazara now holds a 91 percent stake in Absolute Sports.

" This Rs 900 crore fundraise will be instrumental in accelerating our growth across key segments. Additionally, increasing our stake to 91 per cent in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape," said Nitish Mittersain, CEO & Jt MD of Nazara Technologies.