Nazara Technologies Limited informs the Exchange regarding 'Outcome of Committee of Independent Directors Meeting held on June 11, 2025'.
NAZARA · price
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On the reaction day the stock moved 0.4 pts less than Nifty Microcap 250 and 0.9 pts less than its Entertainment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Committee of Independent Directors of Nazara Technologies reviewed the open offer made by Axana Estates LLP and Plutus Wealth Management LLP (along with PAC Junomoneta Finsol Pvt Ltd) to acquire up to 2,40,82,567 equity shares, representing 26% of the company's voting share capital, at a price of INR 990 per share. The committee concluded that the open offer is fair and reasonable and that the offer price complies with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. This follows the public announcement dated January 20, 2025, and the detailed public statement with corrigenda. The committee's written reasoned recommendations will be published in newspapers and shared with the exchanges in due course.
For shareholders, the Independent Directors' fairness opinion provides reassurance on the INR 990 per share offer price and may influence their decision to tender shares during the open offer window. The stock may see some price movement aligning closer to the offer price as the tendering period progresses.