Nazara Tech shares jump 4%, hit 52 week on cos plans to acquire stake in PokerBaazi parent
Nazara Technologies gained over 4% to hit a fresh 52-week high of Rs 1,048.80 on the NSE after the company announced plans to acquire a 47.7% stake in Moonshine Technology Private Limited (MTPL) for Rs 832 crore. Additionally, Nazara will inject Rs 150 crore in primary capital into Moonshine via compulsory convertible preference shares.
Moonshine is the parent company of PokerBaazi, an online poker gaming platform.
In its filing to the exchanges on Thursday, Nazara claimed that PokerBaazi is India’s largest online poker platform, driving over 85% of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. PokerBaazi had 340,000 monthly active users as of May 2024.
The company’s success is attributed to its dynamic and forward-thinking leadership team, led by Founder & CEO Navkiran Singh and Co-Founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, the filing said.
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