Nazara Technologies Board To Mull Fund-Raising Plans; Stock Rises 1%

Nazara Technologies' shares rose around a per cent in a strong market on the news that its board will meet on October 6 to consider fund-raising plans. "A meeting of the Board of Directors of Nazara Technologies is scheduled to be held on Wednesday, October 6, 2021 to consider and approve the proposal to raise capital," the Rakesh Jhunjhunwala-backed gaming company said in a regulatory filing to the stock exchanges.

The funds will be raised through equity shares or other securities on a preferential basis, the company added.

In the recent past, Nazara Technologies had acquired the Hyderabad-based skill gaming company OpenPlay for Rs 186.4 crore. And Nazara Technologies' independent subsidiary NODWIN Gaming acquired gaming and adjacent intellectual property (IP) business of OML Entertainment for Rs 73 crore.

Nazara Technologies was founded at Mumbai in the year 1999. It is the only listed gaming company in India today.

At 12:35 am, Nazara Technologies shares were trading at Rs 2,343, higher by 0.9 per cent, on the BSE. The BSE Sensex and NSE Nifty were trading higher by 0.7 per cent each at the time.