Press Release18 Sept 2024, 10:11 pm
Nazara Technologies Raises INR 900 Crores, Increases Stake in Absolute Sports to 91%
AI Summary
Nazara Technologies Limited, a leading diversified gaming and sports media company, has announced a preferential equity issue to raise INR 900 crores for strategic acquisitions, business expansion, and seizing new growth opportunities. The company has also acquired an additional 19.35% stake in Absolute Sports Pvt. Ltd., the parent company of Sportskeeda, for INR 145.5 crores, solidifying its leadership position in the sports media domain.
Key Highlights
- Nazara Technologies to raise INR 900 crores for growth acceleration
- Marquee investors such as SBI Mutual Fund and Junomoneta Finsol to invest in Nazara
- Nazara acquires additional 19.35% stake in Absolute Sports (Sportskeeda) for INR 145.5 crores
- Nazara now holds a 91% ownership stake in Absolute Sports
- Sportskeeda reaches millions of sports fans globally with significant traction in India and the U.S.