Shares of Nazara Technologies Ltd surged 4% and hit a 52-week high of Rs 1048.80 on 12 September after the company announced investing Rs 982 in Moonshine Technology, the parent company of the online poker platform PokerBaazi, making it the largest infusion by the company. 

The agreement would strengthen Nazara’s position in the online skill-gaming market and support founder Nitish Mittersain’s goal of turning gaming into the company’s main source of income going forward.

As per the agreement, existing shareholders, including founder Navkiran Singh, co-founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, as well as Gurjeet Kaur, private equity firm Bellerive Capital, and Influencers Interactive, which provides both skill-based and chance-based games, will initially sell a 47.7% stake in Moonshine Technology (Baazi Games) to Nazara Technologies in a secondary transaction for Rs 831.5 crore.

The announcement is significant since it follows shortly after its subsidiary paid $2.2 million (about Rs 18.4 crore) in cash to acquire a 15.86% stake in gaming community startup Stan through a secondary transaction with current owners.

Through digital collectables, chat or audio rooms, and exclusive celebrity communities, Stan provides a platform for producers to create and monetize communities. This allows consumers to interact with their favourite gaming creators or celebrities. It also makes user interaction easier.

In just three months, Nazara Technologies’ stock has increased by 17%.

At 12:54 pm, the shares of Nazara Technologies were trading 2.15% higher at Rs 1,029.90 on NSE.

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