SBI Mutual Fund is going to invest Rs 410 crore in Nazara Technologies

7 Sep 2023 , 03:00 PM

Nazara Technologies announced that the SBI Mutual Fund would invest a total of Rs 410 crore in the company. The money will be invested by SBI Mutual Fund’s SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund, three different mutual fund programs.

The company said that it plans to preferentially issue 57,42,296 equity shares to SBI Mutual Fund on a private placement basis for a total of Rs 4,099,999,344 (the ‘Issue’) at a price of Rs 714 per equity share.

According to the company’s regulatory filing, SBI Technology Opportunities Fund will invest the remaining Rs 90 crore, SBI Magnum Global Fund will invest the remaining Rs 120 crore, and SBI Multicap Fund will invest about Rs 200 crore.

According to Chapter V of the Securities and Exchange Board of India (Issuance of Capital and Disclosure Requirements), Regulations, 2018, the proposed Issue of Equity Shares will be subject to lock-in.

Shareholder permission is currently in place for Nazara Technologies to fund up to Rs 750 crore.

Nazara Technologies said last week that it would issue up to 14 lakh equity shares with a face value of Rs 4 apiece to the businesses owned by Zerodha Co-Founder Nikhil Kamath.

The company said in a regulatory filing that the board had ‘considered and approved’ issuing up to 14,00,560 shares of the company for cash at an issue price of Rs 714 per equity share to M/s Kamath Associates (Partnership firm represented by its partners Nikhil Kamath and Nithin Kamath) and M/s NKSquared (Partnership firm represented by its partners Nikhil Kamath and Nithin Kamath).

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