SBI Mutual Fund invests ₹410 crore through preferential issue in this Rekha Jhunjhunwala stock
Stock market today: Nazara Technologies Limited today announced that its board has approved an issue of Equity Shares having face value of ₹4 each, to raise up to ₹410 crores, on preferential basis, subject to the receipt of approval of the shareholders of the Company and such regulatory / statutory authorities as may be applicable. Rekha Jhunjhunwala-backed company is proposing to issue 57,42,296 Equity Shares at a price of ₹714/- per Equity Share aggregating to ₹4,099,999,344 or ₹410 crore to SBI Mutual Fund, by way of preferential issue on private placement basis.
Nazara Technologies Ltd informed Indian stock market bourses about the fund raise via allotment of preferential issues to SBI Mutual Fund, and said, "The funds will be invested via three schemes of SBI Mutual Fund namely SBI Multi-cap Fund, SBI Magnum Global Fund and SBI Technology Opportunities Fund," adding, "The aforesaid Issue is being made in addition to the issuance of up to 14,00,560 fully paid-up Equity Shares approved by the Board in its meeting held on September 4, 2023, both together aggregating to an amount not exceeding Rs. 510 crores (Rupees Five Hundred and Ten Crores) (comprising of the preferential issue approved by the Board on September 4, 2023 and the Issue)." Speaking on the fund raise, Nitish Mittersain, CEO of Nazara Technologies, remarked “Making India the gaming nation of the world has been a long-pursued dream for all of us at Nazara.
India’s largest domestic mutual fund investing in Nazara is an important milestone for us in this two decade long journey. We are very excited to welcome SBI Mutual Fund as our investor." The proposed Issue of Equity Shares shall be subject to lock-in as per the requirement of Chapter V of Securities
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