Nazara Technologies Limited, India’s leading diversified gaming and sports media company, has announced its largest fundraising effort to enhance its growth trajectory. The company’s board has approved a preferential equity issue aimed at raising INR 900 crores, pending shareholder and regulatory approvals. This capital will support strategic acquisitions, facilitate business expansion, and bolster the company’s capacity to pursue new growth opportunities.
The INR 900 crores from the preferential equity issue will be allocated to prominent investors, including SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments, and Aamara Capital.
This initiative will further strengthen Nazara’s financial foundation for long-term growth. The shares will adhere to SEBI regulations and lock-in requirements in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018.
Nazara has acquired an additional 19.35% stake in Absolute Sports Pvt. Ltd., the parent company of Sportskeeda, for INR 145.5 crores, split between cash and stock. This boosts Nazara’s total ownership to 91%, solidifying its leadership in sports media.
Sportskeeda reaches millions of fans worldwide each month and ranks among the top sports platforms in India and the U.S. Recently, Absolute Sports expanded its portfolio by acquiring Pro Football Network (PFN), SoapCentral, and Deltia’s Gaming.
Nitish Mittersain, CEO of Nazara, emphasized that the INR 900 crores fundraising will accelerate growth across key segments and strengthen their position in the sports media landscape, showcasing their commitment to supporting innovative teams.