Nazara raises Rs 495 Cr from existing investors, triggers open offer
The company plans to use the raised capital to accelerate organic growth, strategic acquisitions, and expansion into new markets.
raised Rs 495 crore by selling a 5.4% stake to an entity led by existing investors Arpit Khandelwal and Mithun Sacheti, subsequently triggering an open offer.
Axana Estates LLP will acquire the stake through a preferential issue of shares at Rs 990 per share, and the deal has been approved by Nazara’s board, the gaming and e-sports company said in a statement.
Plutus Wealth Management LLP and Axana Estates LLP, along with PACs, will launch a public open offer to acquire an additional 26% stake in Nazara, according to SEBI regulations, it added.
Following the transactions, assuming full acceptance of the open offer, the total stakes of the acquirers and PACs, along with the existing promoters Vikash and Nitish Mittersain and the promoter group, is expected to be around 61.5%, Nazara said.
The company plans to use the raised capital to accelerate organic growth, strategic acquisitions, and expansion into new markets.
Nazara will continue to operate independently led by Chairman and Managing Director Vikash Mittersain, along with Jt. Managing Director & CEO Nitish Mittersain.
Nazara’s board also approved to acquire the intellectual property rights of two popular mobile gaming titles, ‘CATS: Crash Arena’ and ‘King of Thieves’ from ZeptoLab, a Barcelona-based game developer and publisher, for Rs 67 crore ($7.7 million).
With the deal, the company will own the game IPs and will also publish the games under the “Nazara Publishing” banner, boosting its position in the global mobile gaming market.
“This consolidation of ownership will provide growth capital and bring strategic expertise to support Nazara, its promoters & team in the journey of becoming a world-leading gaming and entertainment brand,” Khandelwal, Founder and Managing Partner of Plutus Wealth Management, said
“Gaming is the new consumer play, blending entertainment, technology, and community to create unmatched engagement,” Sacheti, Designated Partner of Axana Estates LLP & Founder of Caratlane, said.
Edited by Jyoti Narayan
