Nazara retreats after hitting 52-week high post ₹900 cr fundraising announcement
Nazara also acquires an additional 19.35% stake in Sportskeeda parent Absolute Sports for ₹145.5 crore
Nazara also acquires an additional 19.35% stake in Sportskeeda parent Absolute Sports for ₹145.5 crore
The Rekha Jhunjhunwala-backed firm's real money gaming subsidiaries OpenPlay and HalaPlay have received GST notices for ₹846 crore and ₹274 crore, respectively.
The development comes after the online gaming company, in January this year, raised ₹760 crore through preferential allotment.
The online gaming company says it will be filing its response to the said show-cause notice within the prescribed timelines.
Nazara Technologies shares hit a 52-week high of ₹854 apiece on the National Stock Exchange (NSE).
The GST Council has proposed to levy 28% uniform tax on online gaming, casinos and horse racing.
Nodwin Gaming will raise ₹232 crore from investors which will be utilised for IP development, geographic expansion, and M&A.
In the March quarter, the company’s revenue from operations surged 65% YoY to ₹289.3 crore as against ₹175.1 crore in the same period last year.
Despite the recent rally, this gaming stock trades 53% lower than its 52-week high of ₹1,677.20 touched in October last year.
Nazara will acquire 100% of the company and its intellectual property from existing shareholders in an all-cash transaction.