Nazara Technologies board approves preferential issue worth ₹900 crore and additional stake acquisition in Absolute Sports

Nazara Technologies’ board has approved a preferential equity issue to raise ₹ 900 crore, subject to shareholder and regulatory approvals. This capital infusion will fuel strategic acquisitions, fund business expansion, and enhance the company’s ability to seize new growth opportunities.

The preferential equity issue amounting to ₹ 900 crore will be placed with marquee investo₹ 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.

Nazara Technologies adds more stake in Sportskeeda

Nazara Technologies has acquired an additional 19.35% stake in Absolute Sports, the parent company of Sportskeeda, for ₹ 145.5 crore, with 50% of the consideration paid in cash and the remaining amount in stock. With this, Nazara now holds a 91% ownership stake in Absolute Sports, solidifying its leade₹hip position in the sports media domain.

Sportskeeda, Absolute Sports’ flagship brand, reaches millions of sports fans globally each month, with significant traction in India and the U.S., where it ranks among the top sports platforms. In addition, Absolute Sports has recently expanded by acquiring Pro Football Network (PFN), SoapCentral, and Deltia’s Gaming, further diversifying its sports and entertainment portfolio.

Nazara Technologies is one of the leading mobile games company and it is engaged in acquisition of, value addition and distribution, of mobile games across emerging markets such as India, Middle East, Africa, South East Asia and Latin America.

Share price of Nazara Technologies closed 2.4% higher on the NSE at ₹1,095 apiece.