Zerodha's Founders Nithin and Nikhil Kamath are investing up to Rs.100 crore in Nazara Technologies, a digital gaming and e-sports company. The investment is part of Nazara's plans to raise capital of up to Rs.750 crore.
The company's board approved the issue of shares worth Rs.100 crore to firms managed by Nithin and Nikhil Kamath. After the announcement of the approval, the stock price of Nazara Technologies Ltd at the previous close was Rs.834. This investment has also increased the stakes held by Nikhil Kamath to 3.5% from 1%; Nazara issued 14,00,560 equity shares at Rs.718 per share.
The lock-in period for shares issued to Nithin Kamath for Nazara Technologies Ltd is six months from the date of issue. This is in accordance with the regulations from SEBI. The funds raised by capital will be used for the company's growth objectives, including strategic acquisitions and investments.
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