Rekha Jhunjhunwala trims stake in Nazara, offloads stake worth Rs 276 Cr
The transaction brings Rekha Jhunjhunwala’s stake in the gaming company to 3.66% compared to 7.06% as on June 1.
Investor Rekha Jhunjhunwala has sold a portion of her stake in listed gaming company Nazara Technologies on Wednesday, as per a BSE filing.
Rekha, who is also the wife of late Rakesh Jhunjhunwala, sold a total of 29.75 lakh shares in open market transactions between June 2 and June 10, valuing the total stake sale to be worth around Rs 376 crore, based on the average price of Rs 1,264 apiece.
After this transaction, Jhunjhunwala’s stake in the company has been reduced from 7.05% (as of June 1) to to 3.66%.
Billionaire Rakesh Jhunjhunwala had invested in the Mumbai-based company back in 2018, reportedly investing about Rs 180 crore.
Share price of Nazara Technologies has risen 25.5% year-to-date aided by strong quarterly performance, investor optimism and strategic acquisitions.
Most recently, the National Company Law Tribunal (NCLT) approved Nazara’s acquisition of Smaaash Entertainmaint. The company also acquired UK-based Curve Games earlier this year, as it looks to widen its product portfolio and global publishing capabilities.
Last month, the company reported a 95% rise in revenue to Rs 520.2 crore for the quarter ended March 31, helped by revenue gains across its gaming, esports, and ad tech verticals.
Nazara also saw its net profit from continuing operations attributable to equity shareholders rise to Rs 15.86 crore during this period compared to Rs 8.35 crore in the year-ago quarter.
In January, the company raised Rs 495 crore by selling a 5.4% stake to an entity led by existing investors Arpit Khandelwal and Mithun Sacheti, to further strengthen its capabilities to make strategic acquisitions and expand into new markets.
Edited by Megha Reddy