Nazara Technologies witnessed a 2 percent gain in early trade on January 18 following the approval by its board of directors for a preferential allotment of equity shares to raise up to Rs 250 crore. Among the investors is Nikhil Kamath, co-founder of Zerodha.
Under the preferential allotment, Nikhil Kamath’s Kamath Associates, NKSquared, Plutus Wealth Management, Chartered Finance & Leasing, and ICICI Prudential Mutual Fund will acquire 28.66 lakh shares of Nazara Technologies at a price of Rs 872.15 each.
This strategic move comes at a 6.9 percent discount from the closing price of Rs 936.75 on January 17. Zerodha co-founder Nikhil Kamath’s firms, Kamath Associates and NKSquared, will collectively invest Rs 50 crore, increasing their combined stake from 2.53 percent to 3.93 percent. Additionally, Plutus Wealth Management is set to invest Rs 50 crore, raising its stake from 6.14 percent to 6.63 percent.
