Nazara Technologies, the popular homegrown gaming platform, recently sold 57.42 lakh shares to SBI Mutual Fund for ₹410 crore. Each share was priced at ₹714, with a face value of ₹4. This sale increases SBI Mutual Funds’ ownership in Nazara to 8.04%.
What Happened? Per an exchange filing, SBI Mutual Fund will invest through three of its schemes: SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund.
Specifically, SBI Multicap Fund bought 28 lakh shares for ₹199.99 crore, SBI Magnum Global Fund acquired 16.8 lakh shares for ₹119.99 crore, and SBI Technology Opportunities Fund purchased 12.6 lakh shares for ₹89.99 crore.
Nazara plans to use this new investment to fund its growth, including buying other companies and investing in gaming entities that align with its expansion goals.
Additionally, on September 4, Nazara sold 14 lakh shares to companies owned by Zerodha Co-Founder, Nikhil Kamath, bringing the total shares sold that week to ₹510 crore.
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Price Action: Nazara Technologies shares were trading 0.47% lower at ₹864.05 shortly after market open on Wednesday.
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