The company is proposing to issue 14,00,560 equity shares of face value of Rs 4 each at a price of Rs 714 per equity share aggregating to Rs 999,999,840, proportionately to Kamath Associates & NKSquared.

As per the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements), Regulations, 2018, these equity shares will be locked in for a period of 6 months from the date of issue.

Nazara Technologies said that this infusion of fresh funds will be utilized to invest in funding requirements and growth objectives of the company including for making strategic acquisitions and investments in various companies / body corporates / entities, meeting growth and funding requirements based on the business opportunities across the subsidiaries / associates / joint venture of the company, as applicable, through investment in subsidiaries / associates / joint venture of the company.

Nitish Mittersain, CEO of Nazara Technologies, remarked: "Nikhil Kamath symbolizes success in India's tech arena, and this fund raise holds immense value for us at Nazara as we continue to build a diversified gaming platform in India. Beyond the funds raised, his investment stands as a resounding vote of confidence in Nazara."

Commenting on the investment in Nazara, Nikhil Kamath, partner of Kamath Associates & NKSquared, said: “Gaming in India is poised for strong growth in the years to come and Nazara has built a well-diversified, profitable gaming platform well suited to take advantage of opportunities in the years ahead. We look forward to supporting Nitish and his team in achieving their growth aspirations for Nazara.”

Nazara Technologies is a diversified gaming & sports media platform with presence in India and across emerging & developed global markets such as Africa and North America. It has offerings across the interactive gaming, eSports, ad-tech and gamified early learning ecosystems including World Cricket

The company's consolidated net profit jumped 69.6% to Rs 19.50 crore in Q1 FY24 on 14% increase in net sales to Rs 223.10 crore posted in corresponding quarter last year.