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Rakesh Jhunjhunwala’s holding’s in this firm crosses Rs 1,000 cr; up by 78% in a month

October 10, 2021 10:15 AM

Rakesh Jhunjhunwala's holding's in this firm crosses Rs 1,000 cr; up by 78% in a month
Shares of Nazara Technologies hit a new high of Rs 3,223.80 in intra-day trade today, surging 39 per cent in the past one week.

Rakesh Jhunjhunwala’s holding value in Nazara Technologies crossed Rs 1,000 crore mark as the stock rallied 19 per cent on the BSE in Friday’s intra-day trade. In the past one month, the market price of Nazara Technologies, diversified gaming and sports media platform, has zoomed 78 per cent. In comparison, the S&P BSE Sensex was up 3 per cent during the same period.

Ace investor Rakesh Radheshyam Jhunjhunwala held a 10.82 per cent stake in Nazara Technologies as of June 30, 2021. Based on intra-day high, the company’s market capitalisation stood at Rs 9,800 crore while Rakesh Jhunjhunwala’s net worth in the company came in at Rs 1,060 crore.

Shares of Nazara Technologies hit a new high of Rs 3,223.80 in intra-day trade today, surging 39 per cent in the past one week. The stock was quoting higher for the seventh straight trading day.

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On Wednesday, October 6, 2021, Nazara Technologies announced that its board has approved preferential allotment of fresh equity to raise Rs 315.30 crore from marquee institutional investors subject to the approval of the shareholders of the company and regulatory approvals.

The company will issue 1.43 million equity shares of face value of Rs 4 each at a price of Rs 2,206 per equity share. These shares will be locked in for a period of 1 year from the date of issue.

Nazara Technologies said this infusion of fresh funds will be utilised to invest in growth initiatives of the company as well as pursue strategic acquisitions in the various business verticals of the company including gamified learning, freemium, skill-based real money gaming and esports as the company continues to expand its “Friends of Nazara” ecosystem.

The investment from such institutional investors will act as a catalyst for the Nazara flywheel to operate faster across all business segments and will result in compounding of the shareholder value organically and inorganically at the parent as well as at subsidiary levels, the management said.

Nazara is an India-based diversified gaming and sports media platform with a presence in India and across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, Esports and gamified early learning ecosystems. The company owns some of the most recognisable IP, including WCC and CarromClash in mobile games, Kiddopia in gamified early learning, NODWIN and Sportskeeda in Esports and Esports media, and Halaplay and Qunami in skillbased, fantasy and trivia games.

Availability of smartphones and affordable technology, rising disposable income, the industry is in its growth launchpad and gradual penetration to untapped market will fuel the growth and the Industry can make a valuable contribution to the economy, Nazara Technologies said in the financial year 2020-21 annual report.

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