This Rekha Jhunjhunwala-held gaming stock slips after scaling 52-week high: Check details

Shares of the diversified gaming and sports media platform Nazara Technologies in Friday's session slipped after scaling to an all-time high as the company made an acquisition. The company invested Rs 982 crore in Moonshine Technology which owns India’s Leading Online Poker Gaming Platform ‘PokerBaazi’. 

At the last count after scaling a peak of Rs 1,049.6, the stock traded weak by over 1 per cent at Rs 996.25 per share. In the previous session, the stock ended higher by 4.5 per cent at Rs 1,008.2 per share on the NSE.

The company has announced the acquisition of a 47.7 per cent stake in Moonshine Technology Private Limited (MTPL), the parent company of PokerBaazi, India’s top online poker gaming platform, for INR 832 crores through a secondary transaction. Additionally, Nazara will inject Rs 150 crores in primary capital into Moonshine via compulsory convertible preference shares.

The investment includes Rs 1,50 crores in primary capital, with the remainder acquired through a secondary purchase of existing investor shares via cash and stock. The move is aimed at strengthening the company's standing in the country's dominant gaming platform.

Nazara Technolgies

The stock in the past year has gained 22 per cent.