Shares of Rakesh Jhunjhunwala-backed online gaming company Nazara Technologies gained over 5% today as the firm’s arm Nazara Pte Ltd will invest $2.5 million in BITKRAFT Funds. Of the total amount, $0.875 million will be invested upfront while the balance investment amount of $1.625 million will be deployed over three years.
BITKRAFT Funds is a firm that prefers to invest in gaming, esports, and interactive media.
Nazara Technologies stock rose 5.11% to a new high of Rs 1,691.8 against the previous close of Rs 1,609.55 on BSE today.
The stock opened with a gain of 2.2% at Rs 1644.95.
Later the stock closed at Rs 1640, up 1.89% on BSE. Nazara Technologies share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In a year, the stock has gained 12.38%.
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A total of 0.30 lakh shares of the firm changed hands amounting to a turnover of Rs 5.03 crore. Market cap of the company rose to Rs 5349.88 crore on BSE. The stock is still down over 50% from its 52-week high of Rs 3354 hit on October 11 this year.
The share hit its 52 week low of Rs 1412.50 on April 12, 2021.
At the end of December quarter, Jhunjhunwala Rakesh Radheshyam held 10.10% stake or 32.94 lakh shares in the firm. 11 promoters held a 19.32% stake or 63.03 lakh shares in the firm in Q3.
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Public shareholders owned 80.68% stake or 1.27 lakh shares at the end of Q3 of the current fiscal.
The stock made a strong market debut on March 30 last year. The share listed on NSE clocking 80.74% gains against the issue price. It opened at Rs 1,990. On BSE, the scrip made its debut at Rs 1,971, clocking 79% gain compared to the issue price.
The IPO was held from March 17 to March 19. On its last day, the issue was subscribed 175.46 times. The share sale received bids for 51.20 crore equity shares against the IPO size of 29.20 lakh equity shares.
Nazara Technologies is an India-based gaming and sports media platform known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series.
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