Nazara Technologies Limited informs the Exchange regarding Allotment Of Equity Shares On A Preferential Basis.
NAZARA · price
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Nazara Technologies has allotted 50,00,000 (50 lakh) fully paid-up equity shares at Rs. 990 per share (face value Rs. 4, premium Rs. 986) to Axana Estates LLP on a preferential basis, raising Rs. 495 crores in total. This allotment is linked to a takeover process: Axana Estates LLP and Plutus Wealth Management LLP (the Acquirers), along with Junomoneta Finsol Private Limited as Person Acting in Concert, are making an open offer for up to 26% of the company's equity share capital. The allotted shares will be held in escrow and carry no voting rights until the open offer is completed. After the open offer, the Acquirers will be classified as promoters, with Arpit Khandelwal, Mithun Padam Sacheti, and Siddhartha Sacheti joining as deemed promoter group members. The company's paid-up share capital rises from Rs. 35.05 crore to Rs. 37.05 crore (8.76 crore shares to 9.26 crore shares), a dilution of about 5.4%.
This signals a change of control at Nazara with new promoters taking over. Existing shareholders should brace for a shift in promoter identity and strategic direction, while the ~5.4% dilution and incoming open offer at a likely similar price level could pressure the stock in the short term. Long-term impact will depend on the new promoters' plans for the company.