Rediff.com  » Business » Rakesh Jhunjunwala's holding in Nazara past Rs 1,000 cr

Rakesh Jhunjunwala's holding in Nazara past Rs 1,000 cr

By Deepak Korgaonkar
October 18, 2021 15:39 IST
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Rakesh Jhunjhunwala’s holding value in Nazara Technologies crossed the Rs 1,000-crore mark.

In the past one month, the market price of Nazara, a diversified gaming and sports media platform, has zoomed 78 per cent.

In comparison, the Sensex was up 3 per cent during the same period.

The ace investor, who is referred as the 'Warren Buffett of India', held a 10.82 per cent stake in Nazara as of June 30.

 

Based on the intra-day high, the company's market capitalisation stood at Rs 9,800 crore, while Jhunjhunwala’s networth in the company came in at Rs 1,060 crore.

On a closing level-basis Jhunjhunwala's net worth in Nazara stood at Rs 1,029 crore.

Nazara announced its board had approved the preferential allotment of fresh equity to raise Rs 315.3 crore from marquee institutional investors, subject to approval of shareholders of the company and regulatory assent.

The company will issue 1.43 million equity shares at a face value of Rs 4 each at a price of Rs 2,206 per equity share.

These shares will be locked in for a period of one year from the date of issue.

Nazara said this infusion of fresh funds will be utilised to invest in growth initiatives of the company, as well as pursue strategic acquisitions in various business verticals of the company, including gamified learning, freemium, skill-based real money gaming, and electronic sports (eSports) as the company continues to expand its 'Friends of Nazara' ecosystem.

The investment from such institutional investors will act as a catalyst for the Nazara flywheel to operate faster across all business segments and will result in compounding shareholder value organically and inorganically at the parent, as well as subsidiary levels, said the management.

Nazara is an India-based diversified gaming and sports media platform, with presence in India and across emerging and developed global markets, such as Africa and North America, with offerings across interactive gaming, eSports, and gamified early learning ecosystems.

The company owns some of the most recognisable intellectual properties, including WCC and CarromClash in mobile games, Kiddopia in gamified early learning, NODWIN and Sportskeeda in eSports and eSports media, and HalaPlay and Qunami in skill-based, fantasy, and trivia games.

Availability of smartphones and affordable technology, and rising disposable income, the industry is in its growth launchpad. Gradual penetration into untapped markets will fuel growth and the industry can make a valuable contribution to the economy, Nazara said in its 2020-21 annual report.

Photograph: Shailesh Andrade/Reuters

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Deepak Korgaonkar in Mumbai
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