Nazara Technologies Announces Major Stake Sale

In a significant move to bolster its strategic acquisitions and international expansion, Nazara Technologies has announced a Rs 495 crore investment through a 5.4% stake sale to Axana Estates. This entity, established by the company's current investors, marks a pivotal step in Nazara's journey towards becoming a global leader in the gaming and entertainment sector.

Strategic Expertise and Growth Capital

Arpit Khandelwal, founder of Plutus Wealth Management, and Mithun Sacheti, co-founder of CaratLane, are the brains behind Axana Estates. Their involvement not only brings in substantial growth capital but also strategic expertise to support Nazara's ambitious plans. This collaboration is expected to significantly enhance Nazara's market presence and operational capabilities.

Open Offer and Promoter Designation

The transaction, priced at Rs 990 per share, has triggered an open offer to acquire an additional 26% stake in Nazara, in compliance with Sebi regulations. This move aims to consolidate the shareholding of the acquirers and PACs, along with the existing promoters, to 61.5% of the company. Nitish Mittersain, Nazara's CEO, reassures that the existing promoters will continue to run the business, ensuring stability and continuity in the company's operations.

Future Prospects

This investment comes on the heels of Nazara's recent Rs 900 crore fundraising from a consortium of investors, including SBI Mutual Fund, and the acquisition of game rights from ZeptoLab for Rs 67 crore. These strategic moves underscore Nazara's commitment to growth and innovation in the competitive gaming industry.