Rakesh Jhunjhunwala-backed company buys stake in Rusk Media

The company has acquired 1,601 equity shares on October 25 ₹Paid views of 10 more each at Rusk Media ₹2 crore to the respective vendors for the same,” Nazara Tech said in a filing.

Following the acquisition of equity shares, the company now holds 5.54% of the issued and paid-up share capital in Rusk Media.

Shares of Nazara Technologies closed today: ₹2,725 on the NSE, up 3.41%. Since the beginning of 2021, the stock has gained about 71%. In the last one month, this stock has given excellent returns to the investors with a gain of almost 20%.

Recently, Nazara Tech has picked up ₹315 crore from marquee investors through preferential allotment of new equity. This investment from the new fund will be used to invest in the company’s growth initiatives as well as drive strategic acquisitions across the company’s various business verticals, including gamified learning, freemium, skill-based real money gaming and esports .

Nazar is an India based diversified gaming and sports media platform with presence in India and emerging and developed global markets such as Africa and North America.

Ace investor Rakesh Jhunjhunwala holds 32,94,310 shares, which equates to around 10.82% stake in the company as per the shareholding pattern at the end of September quarter.

Nazara Technologies is Betting Big on Real-Money Gaming and Eyeing It ₹100 crore in revenue by the end of FY22. The company’s future strategy includes offering a plug-and-play, software-as-a-service (SaaS) for real-money games, which will allow any platform or individual to provide the service to its users.