Nikhil Kamath's investment will add significant boost to business: Nitish Mittersain, Nazara Technologies
«We see a lot of value opportunities that Nazara can move into in the eSports and core gaming IP spaces, so we definitely look at deploying some of these funds in those areas,» says Nitish Mittersain, Nazara Technologies.
We understand that there has been a preferential allotment and you have managed to raise further funds. But first let me get the clarification this is in addition to the investment that we heard just three days ago when almost hundred crores was raised, right. This is additional to that?
So the total amount of the preferential shares that are placed is a hundred crores plus which we announced on Monday and to Nikhil Kamath and 410 crores to SBI Mutual Funds so the total amount placed in this PREF is 510 crores on an aggregated basis.
Okay so you have raised around 510 crores through these investors of course the Kamath Associates as well as SBI Mutual Funds but what is the utilisation of funds, why are you looking at raising that money, what is the deployment plan?
Yes, we have multiple use cases of the funds as you have already put out in our intimation and press release but strategic M&A is one area that we will shortly look at doing. We see a lot of attractive opportunities for the company and besides that funds for organic growth, for working capital etc. so it is going to be multiple use cases of these funds but strategic M&A has always been important for us.
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We see a lot of value opportunities that Nazara can move into in the eSports and core gaming
