Nazara Technologies Stock Gains 4% On Rs 982 Cr Investment In Pokerbaazi
The agreement is supposed to strengthen Nazara's position in the online skill-gaming market
The stocks of the gaming firm, Nazara Technologies gained 4 per cent in the Friday trading session after the firm declared to invest Rs 982 crore in Moonshine Technology which owns the online poker gaming platform ‘PokerBaazi’.
Nazar Technologie shares traded at Rs 1,028 with a nearly 2 per cent gain on the Bombay Stock Exchange (BSE). The agreement is supposed to strengthen Nazara's position in the online skill-gaming market and support founder Nitish Mittersain's goal of turning gaming into the company's main source of income going forward.
As per the agreement, existing shareholders, including founder Navkiran Singh, co-founders Puneet Singh, Varun Ganjoo, Avneet Rana, and Anirudh Chaudhry, as well as Gurjeet Kaur, private equity firm Bellerive Capital, and Influencers Interactive, which provides both skill-based and chance-based games, will initially sell a 47.7 per cent stake in Moonshine Technology (Baazi Games) to Nazara Technologies in a secondary transaction for Rs 831.5 crore.
The development becomes significant as its subsidiary recently paid USD 2.2 million (Rs 18.4 crore) in cash, through a secondary transaction, for a 15.86 per cent stake in gaming community startup Stan.
Stan provides a platform for artists to create and monetize communities. Through digital collectables, chat or audio rooms, and exclusive celebrity communities, users may interact with their favourite game creators or celebrities. Additionally, it makes user engagement easier.
