Stake Sale

Nazara Technologies Ltd board approves preferential issue at Rs. 2206 per share



Posted On : 2021-10-06 18:53:08( TIMEZONE : IST )

The Board of Directors ("Board") of Nazara Technologies Limited ("Company"), at its Meeting held today, approved the fund raising proposal through preferential issue.

The board approved issuance of upto 14,29,266 Equity shares of face value of Rs. 4/- each of the Company, for cash, at an issue price of Rs. 2206/- per Equity Share aggregating to Rs. 315,29,60,796/- (Rupees Three Hundred Fifteen Crores Twenty Nine Lakhs Sixty Thousand Seven Hundred and Ninety Six Only) to Gamnat Pte Ltd. and Plutus Wealth Management LLP (Collectively known as "Investors"), not belonging to the promoter or promoter group of the Company, on a preferential basis ("Preferential Issue") in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations"), as amended, Companies Act, 2013 and other applicable laws and this is subject to the approval of the shareholders of the Company and such regulatory / statutory authorities as may be applicable.

The Board also approved the iIssuance of upto 6,48,125 Equity shares of face value of Rs. 4/- each of the Company, at an issue price of Rs. 2,206/- per equity share aggregating to Rs. 142,97,63,750/- (Rupees One Hundred Forty Two Crores Ninety Seven Lakhs Sixty Three Thousand Seven Hundred and Fifty Only), to Unnati Management Consultants LLP, an existing shareholder of OpenPlay Technologies Private Limited, as consideration other than cash, for acquisition of balance 76.70% stake of OpenPlay Technologies Private Limited pursuant to the Acquisition Agreement dated August 27,2021, on a preferential basis (Preferential Issue), in accordance with Chapter V of SEBI ICDR Regulations, Companies Act, 2013 and other applicable laws.

Post completion of this acquisition, OpenPlay Technologies Private Limited will become wholly owned subsidiary of the Company.

The above preferential issue is subject to the approval of shareholders of the Company and such regulatory / statutory authorities as may be applicable.

The Board, in the aforesaid connection, approved the notice convening an Extraordinary General Meeting ("EGM") of the shareholders of the Company to be held on Wednesday, November 3, 2021 through Video-Conferencing or other audio visual means, for seeking the necessary approval of the shareholders for the proposed Preferential Issues.

Shares of Nazara Technologies Limited was last trading in BSE at Rs. 2630.80 as compared to the previous close of Rs. 2491.35. The total number of shares traded during the day was 92840 in over 10764 trades.

The stock hit an intraday high of Rs. 2658.00 and intraday low of 2520.65. The net turnover during the day was Rs. 239423368.00.

Source : Equity Bulls

Keywords

NazaraTechnologiesLimited INE418L01021 NAZARA ITSoftwareProducts FundRaising PreferentialIssue Acquisition OpenPlay @nazaradotcom