Nazara Tech board to consider raising funds; shares rise

Gaming and sports media platform Nazara Technologies' board will consider raising funds on Monday, July 10. Nazara Tech shares gained by as much as Rs 10.3 or 1.4 per cent to Rs 731 apiece on BSE, coming within Rs 60 of a 52-week high registered in September 2022. 

The stock held on to the green in the first half of the day, changing hands at Rs 724.8 apiece on BSE at noon. 

Last week, Nazara Tech said the proposed fund-raise will be through equity or equity-linked instruments, or a qualified institutional, private or preferential allotment of shares, or through a combination or any other alternative mode. The proposal will be subject to approval of shareholders and regulators, it said. 

It also said the trading window for dealing in its securities will continue to remain closed for all the connected/designated persons and their immediate relatives, and will reopen 48 hours after the declaration of its unaudited financial results for the April-June period.

Meanwhile, investors await the onset of the corporate earnings season, with Tata Consultancy Services (TCS) slated to report its financial results for the April-June period on July 12.

For the final quarter of the financial year 2022-23, Nazara Technologies reported an 8.3 per cent year-on-year decline in revenue to Rs 289 crore. Its net profit for the January-March period came in at Rs 2.6 crore, as against Rs 16.4 crore for the corresponding period a year ago, and margin shrank by 40 basis points to 9.3 per cent, according to a regulatory filing.

It registered Rs 27 crore in earning before interest, taxes, depreciation and ammortisation (EBITDA) as against Rs 30 crore for the corresponding period a year ago. 

Nazara Tech shares

Nazara Technologies shares have appreciated 18 per cent in value so far in 2023, a period in which the Nifty headline index has gained six per cent. As of July 7, the Nazara Tech stock — traded on the bourses with the symbol NAZARA — has risen 13.7 per cent in one year while the 50-scrip benchmark has gained 19 per cent. 

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