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Nazara Technologies shares climb over 4% after firm raises Rs 315 crore

Nazara Technologies shares climb over 4% after firm raises Rs 315 crore

Nazara Technologies stock rose 4.35% to a new high of Rs 2,745.15 against the previous close of Rs 2,630 on BSE today

Kalyan Jewellers stock has gained after 3 days of consecutive fall. The share opened with a gain of 6.62% at Rs 75.65 against previous close of Rs  70.75 on BSE. Kalyan Jewellers stock has gained after 3 days of consecutive fall. The share opened with a gain of 6.62% at Rs 75.65 against previous close of Rs 70.75 on BSE.

Shares of Rakesh Jhunjhunwala-backed online gaming company Nazara Technologies hit a fresh high today after it raised Rs 315 crore through a preferential allotment of equity shares to two institutional investors.

Nazara Technologies stock rose 4.35% to a new high of Rs 2,745.15 against the previous close of Rs 2,630 on BSE today.

The stock has gained 17.36% in the last 6 days. Nazara Technologies share is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

 In a month, the stock has gained 47%.

A total of 0.54 lakh shares of the firm changed hands amounting to a turnover of Rs 14.67 crore. The market cap of the company rose to Rs 8,172 crore on BSE.

The gaming firm issued 1.42 million shares to Gamnat Pte and Plutus Wealth Management at Rs 2,206 per share, a discount of 16 per cent to the company's price on Wednesday.

The Rs 2,206 issue price for the preferential allotment has been derived from the volume-weighted average price of the high and low of the stock in the previous two weeks from the cut-off date of October 1.

Compared to the share price of October 1, allotment of preference shares has been done at a discount of 5.15 per cent to the issue price.

The firm has issued 1.2 million shares to Ganmat via preferential allotment and 251,586 shares to Plutus Wealth.

This infusion of fresh funds will be utilised to invest in growth initiatives as well as pursue strategic acquisitions in various business verticals of the company, Nazara Tech said.  

The stock has gained 37.93% to date since its strong market debut on March 30 this year.

The share made a stellar listing on NSE clocking 80.74% gains against the issue price. It opened at Rs 1,990. On BSE, the scrip made its debut at Rs 1,971, clocking 79% gain compared to the issue price.

The IPO was held from March 17 to March 19. On its last day, the issue was subscribed 175.46 times. The share sale received bids for 51.20 crore equity shares against the IPO size of 29.20 lakh equity shares.

At the end of the June quarter, 11 promoters held a 20.70% stake or 63.02 lakh shares in the firm.

Public shareholders owned a 79.30% stake or 2.41 crore shares at the end of Q1 of the current fiscal.

The firm is an India-based gaming and sports media platform known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series.