Nazara Technologies Limited informs the Exchange regarding Notice of Extra-Ordinary General Meeting to be held on May 01, 2026.
NAZARA · price
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Nazara Technologies has called an EGM on May 1, 2026 to seek shareholder approval for two key proposals. First, the company wants to increase its limit for giving loans, guarantees, or making investments to up to INR 5,000 crores under Section 186 of the Companies Act. Second, and more significantly, the company plans to issue up to 1.92 crore warrants at INR 260 per warrant to five allottees, raising approximately INR 500 crores. The allottees include Riambel Capital (94.85 lakh warrants), S Gupta Family Investments (40 lakh warrants), Plutus Investments (38.46 lakh warrants), Classic Enterprises (10 lakh warrants), and Founders Collective Fund (9 lakh warrants). Each warrant is convertible into one equity share within 18 months, with 25% payable upfront and 75% at conversion. Note that Plutus Investments, though currently non-promoter, will be classified as part of the promoter group post-allotment. The e-voting window opens April 27 and closes April 30, 2026.
The INR 500 crore warrant issuance represents a significant capital raise that could dilute existing shareholders by approximately 2.85% (based on ~67.5 crore outstanding shares estimate). The preferential allotment to mostly non-promoter entities brings fresh capital but may slightly reduce promoter stake upon conversion. The increased investment limits give the board more flexibility for future acquisitions or financial commitments.