Nazara Tech to raise up to Rs 900 crore through preferential shares

Mumbai-headquartered Nazara Tech said its board had approved a proposal to raise up to Rs 900 crore through preferential shares.

Nazara Tech shares rose 1.7 per cent earlier on Wednesday. | Representational image | Image credit: Pexels

Nazara Technologies said on Wednesday that its board had approved a proposal to raise up to Rs 900 crore through preferential shares. In a statement post-market hours on September 18, the Mumbai-headquartered gaming and e-sports company said that under the arrangement, a total of 94.3 shares having a face value of Rs 4 each will be issued at Rs 954.27 per unit to identified non-promoter investors.

The proposal is subject to regulatory and shareholder approvals.

Earlier on Wednesday, Nazara Tech shares ended higher by Rs 18.5, or 1.7 per cent, at Rs 1,086.7 apiece on BSE.

As of September 18, Nazara Technologies (NAZARA) shares have rewarded investors with a return of 16.9 per cent in the past one month, sharply outperforming a 3.3 per cent rise in the headline Nifty50 index.

The Nazara Tech stock has risen 61 per cent in six months.

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