Nazara Technologies’ shares jumped to a 52-week high during the early trading hours on Monday after the board of the gaming company approved issuing shares on a preferential basis worth up to Rs 100 crore to Zerodha’s co-founder Nikhil Kamath. 

Shares of Nazara Technologies ended the session at Rs 837 apiece, 10.20% above its previous closing price on the National Stock Exchange (NSE). The stock touched an intraday high of Rs 854, up nearly 12.5% from the last close. This was the highest the scrip has reached since April 2022. 

The India-based gaming and sports media platform announced today that its board has approved preferential allotment of 14,00,560 equity shares of face value of Rs 4 each at a price of Rs 714 per equity share, aggregating to Rs 99,99,99,840  to M/s Kamath Associates & M/s NKSquared, the company said in an exchange filing. The preferential allotment will lead to an equity dilution of 2.1%.

Nazara Technologies plans to utilise the fresh funds to meet its funding requirements and growth objectives, including strategic acquisitions and investments in various companies, body corporates or entities, and meeting growth and funding requirements based on the business opportunities across its subsidiaries, associates or joint ventures.