Nazara Technologies, an online gaming company, has received board approval to issue shares worth Rs 100 crore to firms managed by Zerodha founders Nikhil and Nithin Kamath. The plan involves issuing 1,400,560 equity shares at a face value of Rs 4 each, priced at Rs 714 per equity share, totaling Rs 99,99,99,840. These shares will be proportionally allocated to M/s Kamath Associates and M/s NKSquared.
This move will increase Nikhil Kamath’s stake in Nazara Technologies from 1% to 3.5%. The funds generated from this issuance will be used to meet capital requirements and support growth plans, including strategic acquisitions and investments in various companies.
Nikhil Kamath expressed optimism about the growth potential of the gaming industry in India and Nazara’s ability to capitalize on future opportunities. The equity shares will be subject to a lock-in period of six months from the date of issuance.