Nazara Technologies said that the funds will be invested via three schemes of SBI Mutual Fund namely SBI Multicap Fund, SBI Magnum Global Fund and SBI Technology Opportunities Fund.

The aforesaid issue is being made in addition to the issuance of up to 14,00,560 fully paid-up equity shares approved by the board in its meeting held on 4 September 2023, both together aggregating to an amount not exceeding Rs 510 crore (comprising of the preferential issue approved by the board on 4 September 2023 and the issue).

Nitish Mittersain, CEO of Nazara Technologies, remarked: "Making India the gaming nation of the world has been a long-pursued dream for all of us at Nazara. India's largest domestic mutual fund investing in Nazara is an important milestone for us in this two-decade long journey. We are very excited to welcome SBI Mutual Fund as our investor."

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.

The scrip fell 1.14% to currently trade at Rs 872.20 on the BSE.