Nazara Technologies announced on 7 September that it had received approval from the board for Rs 410 crore from SBI Mutual Fund through equity share issuance.

The move comes as the sports and gaming media company plans to build its war chest for a potential acquisition for growing its existing businesses.

The company plans to issue 57,42,296 equity shares at a price of Rs 714 per share to SBI Mutual Fund through preferential issues on a private placement basis.

The fund will be invested via three schemes of SBI Mutual Fund, including SBI Magnum Global Fund, SBI Technology Opportunities Fund, and SBI Multicap Fund.

SBI Mutual Funds will own a 7.83% stake in one of the country’s oldest gaming firms through this investment.

SBI Magnum Global Fund is investing about Rs 120 crore for a 2.29% stake, SBI Multicap Fund will be investing about Rs 200 crore for a 3.82% stake, and SBI Technology Opportunities Fund will invest Rs 90 crore in a 1.72% stake.

Nitish Mittersain, CEO of Nazara Technologies, said, “Making India the gaming nation of the world has been a long-pursued dream for all of us at Nazara. India’s largest domestic mutual fund investing in Nazara is an important milestone for us in this two decade long journey. We are very excited to welcome SBI Mutual Fund as our investor.”