The board has approved “raising of funds by way of issuance of such number of equity shares having face value of Rs 4 each of the company and/or any other equity-linked instruments/securities or any combination thereof, for an aggregate amount not exceeding Rs 750 crore through one or more qualified institutional placements or preferential allotment or through combination thereof or any other permissible mode," the company stated in the press release.

Meanwhile, Nazara Technologies has increased authorised share capital from Rs 30 crore to Rs 50 crore subject to the approval of shareholders.

The company will seek approval of shareholders for the increase in authorised share capital, issuance of securities and ancillary actions by way of postal ballot process, it added.

Nazara Technologies is an Indian gaming and sports media platform that operates in both domestic and global markets. It offers a wide range of services in interactive gaming, eSports, ad-tech, and gamified early learning. The company possesses well-known intellectual properties such as WCC, CarromClash, Kiddopia, Nodwin, Sportskeeda, Halaplay, Openplay, and Datawrkz. Nazara Technologies has been an early player in the Indian eSports and cricket simulation markets. It caters to diverse gaming and entertainment needs with its comprehensive portfolio.

The company's consolidated net profit rose 18.18% to Rs 2.60 crore on 65.22% increase in net sales to Rs 289.30 crore in Q4 March 2023 over Q4 March 2022.

Shares of Nazara Technologies were up 0.28% to Rs 728.35 on the BSE.