Nazara Technologies shares dropped more than 3% in morning trade after the company announced significant strategic moves including a large fundraising and an increased stake in one of its subsidiaries.
Nazara’s board of directors approved a preferential issue of up to 94,31,294 equity shares at Rs 954.27 per share on Wednesday, with the goal of raising around Rs 900 crore in total. The shares would be issued to both institutional and individual investors, including SBI Innovative Opportunities Fund and Think India Opportunities Master Fund LP.
The company also intends to acquire an additional 19.35% share in its subsidiary, Absolute Sports Private Limited, for up to INR 145.47 crore.
As of 11:04 am, Nazara Technologies shares were trading 3.57% lower at ₹1,048.50 on the NSE.
