Nikhil Kamath to increase stake in mobile gaming company Nazara Technologies

Nikhil Kamath already holds about 1% share in the gaming platform and will be looking to increase it to 3.5%.

Nikhil Kamath to increase stake in mobile gaming company Nazara Technologies

Friday September 01, 2023,

2 min Read

Zerodha co-founder Nikhil Kamath is looking to increase stake in Nazara Technologies, a mobile games publisher as per reports from CNBC TV 18.

Nikhil Kamath, who already holds about 1% stake in the mobile gaming platform, will be looking to increase it to 3.5%, sources told CNBC-TV18.

Nazara is on track to hold a shareholders meeting on September 4, where the board will be discussing the possibility of raising money through issuing equity shares on a preferential basis.

Earlier, in July, the board of directors approved the company's move to raise Rs 750 crore through an issue of equity shares as well as other equity-linked instruments or securities.

Last month, the gaming and sports media platform invested approximately Rs 4.15 crore ($500,000) through its subsidiary, Nazara PTE Ltd, in Snax Games Ltd, an Israeli game developer. This partnership granted Nazara exclusive publishing rights for Snax Games' titles in the Indian subcontinent and the Middle East for five years.

In March this year, Nazara acquired Pro Football Network, a digital platform dedicated to tracking the National Football League in the US, for $1.82 million. This move granted its subsidiary, Absolute Sports, a substantial 73.3% ownership in the company. Subsequently, in May, it further bolstered a majority stake in mobile games developer Nextwave Multimedia, raising its ownership from 52.38% to 71.88%.

At the time of publishing this article, Nazara Tech's share price stood at Rs 778.50, and has climbed almost 50% in the last six months.

(The story was updated to change the feature image)

Edited by Megha Reddy