The company’s board has approved the fundraising through a preferential equity, 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 will be placed with marquee investors such as SBI Mutual Fund, Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, among others.
These shares will be subject to Sebi regulations and lock-in requirements.
In a parallel development, Nazara also acquired an additional 19.35% stake in Absolute Sports, the parent company of Sportskeeda, for Rs 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 leadership 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 US, 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 has demonstrated its ability to attract top-tier investors who believe in our long-term vision of establishing India’s first globally respected gaming powerhouse. This Rs 900 crore fundraise will be instrumental in accelerating our growth across key segments,” said Nitish Mittersain, CEO & joint MD of Nazara Technologies.
“Additionally, increasing our stake to 91% in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape. The growth of Absolute Sports, from its early days as a startup to becoming a global media player, underscores our commitment to supporting innovative teams that consistently deliver transformational growth,” he added.