Nazara Technologies approves Rs 1 bn share issuance to Zerodha Founders

07 Sep 2023 CW Team

Nazara Technologies, a publicly traded online gaming company, disclosed in a regulatory filing that its board has greenlit the issuance of shares valued at Rs 100 crore to entities overseen by Zerodha founders Nikhil and Nithin Kamath.

The proposed issuance comprises 1,400,560 equity shares, each with a face value of Rs 4, at a rate of Rs 714 per equity share. This totals Rs 99,99,99,840 and will be distributed proportionally between Kamath Associates and NK Squared.

As a result, Nikhil Kamath's ownership stake in the company will rise from 1% to 3.5%.

Nikhil Kamath, a partner at Kamath Associates and NKSquared, expressed optimism about India's gaming sector's robust future growth and commended Nazara for its well-established, profitable gaming platform. He pledged support for Nitish and his team in achieving Nazara's growth objectives.

These newly issued equity shares will be locked in for six months starting from the date of issuance. The fresh capital infusion will be allocated to fulfill the company's financial needs and expansion strategies, including potential acquisitions and investments in various enterprises.

CEO of Nazara Technologies, Nitish Mittersain, emphasised the significance of Nikhil Kamath's investment, citing it as a vote of confidence in Nazara's mission to develop a diverse gaming platform in India.

Analysts at brokerage firm Prabhudas Lilladher speculate that the funds may be directed towards expanding Nazara's presence in either the 'Freemium' or the 'Gamified Early Learning' segments, given the regulatory challenges facing real-money gaming (RMG) in light of the recent 28% GST Council tax announcement.

Dinesh Joshi, a Research Analyst at Prabhudas Lilladher, noted that while preferential allotment would result in a 2.1% equity dilution, Nazara operates in a high-growth gaming sector where scalability is paramount, potentially necessitating periodic dilutions, especially in the initial stages.

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