Nazara Technologies to invest ₹830 cr in M&A for next 2 years
The development comes after the online gaming company, in January this year, raised ₹760 crore through preferential allotment.
The development comes after the online gaming company, in January this year, raised ₹760 crore through preferential allotment.
The online gaming company says it will be filing its response to the said show-cause notice within the prescribed timelines.
Nazara Technologies shares hit a 52-week high of ₹854 apiece on the National Stock Exchange (NSE).
The GST Council has proposed to levy 28% uniform tax on online gaming, casinos and horse racing.
Nodwin Gaming will raise ₹232 crore from investors which will be utilised for IP development, geographic expansion, and M&A.
In the March quarter, the company’s revenue from operations surged 65% YoY to ₹289.3 crore as against ₹175.1 crore in the same period last year.
Despite the recent rally, this gaming stock trades 53% lower than its 52-week high of ₹1,677.20 touched in October last year.
Nazara will acquire 100% of the company and its intellectual property from existing shareholders in an all-cash transaction.
The mobile gaming company’s consolidated profit rose 22% on-year and 237% on a sequential basis to ₹16.5 crore in the June quarter, driven by strong revenue growth.
This gaming and tech stock has fallen 70% from its 52-week high of ₹3,354.40 touched on October 11, 2021.