SBI Mutual Fund agrees to invest Rs 410 crore in Nazara Technologies

Nazara Technologies on Thursday said the country's largest mutual fund SBI MF has agreed to invest Rs 410 crore in the company by subscribing to its preferential allotment of equity by way of private placement.

The gaming and sports media platform said the shares carry a face value of Rs 4.

The company will issue 57,42,296 shares at a price of Rs 714 per share, aggregating to Rs 409.99 crore, to SBI Mutual Fund by way of preferential issue on a private placement basis.

The funds will be invested via three schemes of SBI Mutual Fund, namely SBI Multicap Fund, SBI Magnum Global Fund and SBI Technology Opportunities Fund, it said in a statement.

Earlier this week, Nithin and Nikhil Kamath of Zerodha invested Rs 100 crore in the company.

The issue is an addition to the issuance of up to 14,00,560 fully paid-up shares approved by the board on September 4, both together aggregating to an amount not exceeding Rs 510 crore, the company said.

The fund will be utilised to invest in funding requirements and growth objectives, including for making strategic acquisitions and investments in various companies, among others, Nitish Mittersain, Chief Executive Officer of the company, said.