Nazara Technologies stock in news as firm to raise funds via preferential shares

Shares of Nazara Technologies are in focus today after the gaming and sports media platform said its board has cleared a preferential allotment of equity shares to raise up to Rs 250 crore. Nazara Technologies stock ended 3.10% percent lower at Rs 937 on Wednesday against the previous close of Rs 966.95 on BSE. Market cap of the firm fell to Rs 6869 crore on BSE. The stock opened lower at Rs 964.85. It has climbed 9.48% this year and risen 57.68% in the last one year. Total 0.23 lakh shares of the firm changed hands amounting to a turnover of Rs 2.22 crore on BSE.

The stock has a beta of 0.9, indicating low volatility in a year.

In terms of technicals, the relative strength index (RSI) of Nazara Technologies stock stands at 67.4, signaling it's neither trading in the overbought nor in the overbought zone. Nazara Technologies stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The company has proposed to issue up to 28,66,474 equity shares at a price of Rs 872.15 per equity share to Nikhil Kamath's Kamath Associates, NKSquared, Plutus Wealth Management, Chartered Finance & Leasing, and ICICI Prudential Mutual Fund.

Nazara has also received its board’s nod for buying 10.77 percent stake in Kofluence Tech, the social media influencer-led marketing-tech platform, from certain existing investors through a share swap.

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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