Nazara Technologies stated Thursday that it has received board approval to raise Rs 410 crore from SBI Mutual Fund, the largest asset management company in India, through equity share issuance.
This move comes as the diversified gaming and sports media company looks to build a warchest for potential acquisitions to grow its existing businesses.
The company said it is proposing to issue 57.4 lakh equity shares (57,42,296 equity shares) at a price of Rs 714 per share to SBI Mutual Fund, by way of preferential issue on a private placement basis. Nazara Technologies was trading at Rs 871 on the National Stock Exchange at 1.42pm.
The funds will be invested via three schemes of SBI Mutual Fund namely SBI Multicap Fund, SBI Magnum Global Fund and SBI Technology Opportunities Fund.
