Nazara Technologies share price jumps over 12% to 52-week high as board approves raising ₹100 crore from Nikhil Kamath
Nazara Technologies share price jumped over 12% to hit a 52-week high on Monday after the company’s board approved to issue shares worth ₹100 crore to Zerodha’s founders Nikhil Kamath and Nithin Kamath. Nazara Technologies shares rallied as much as 12.46% to ₹853.80 apiece on the BSE.
The gaming and sports media platform Nazara Technologies announced that its board has approved preferential allotment of equity shares to raise up to ₹100 crore, subject to the receipt of approval of the shareholders of the company and regulatory approvals. Also Read: Jio Financial share price extends rally for fifth day, jumps over 8% to trade above listing price “The company is proposing to issue 14,00,560 equity shares of face value of ₹4/- each at a price of ₹714/- per equity share aggregating to ₹999,999,840/- proportionately to M/s Kamath Associates & M/s NKSquared," Nazara Technologies said in an exchange filing.
“Gaming in India is poised for strong growth in the years to come and Nazara has built a well-diversified, profitable gaming platform well suited to take advantage of opportunities in the years ahead," said Nikhil Kamath, Partner of Kamath Associates & NKSquared. Also Read: Kotak Mahindra Bank share price in focus as Uday Kotak resigns; here’s what brokerages have to say on top banker's exit This infusion of fresh funds will be utilized to invest in funding requirements and growth objectives of the company including for making strategic acquisitions and investments in various companies, body corporates or entities, meeting growth and funding requirements, it added.
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