Gaming and sports media firm Nazara Technologies Ltd on Monday, July 10, said its board of directors has approved the raising of funds of up to Rs 750 crore via the issuance of equity shares.

Share Market Live

NSE

The board has approved "raising of funds by way of issuance of such number of equity shares having face value of Rs 4/- each of the company and/or any other equity-linked instruments/securities or any combination thereof, for an aggregate amount not exceeding Rs 750 crore through one or more qualified institutional placements or preferential allotment," the company said in an exchange filing.

Also, Nazara Technologies has increased authorised share capital from Rs 30 crore to Rs 50 crore subject to the approval of shareholders.

The company posted a consolidated net profit of Rs 2.6 crore for the March quarter, up 18 percent from Rs 2.2 crore a year ago. Revenue from the operation, meanwhile, rose 65 percent to Rs 289 crore for the quarter under review compared to Rs 175 crore in the year-ago period.

EBITDA or earnings before interest, taxes, depreciation, and amortisation came in at Rs 27.2 crore against Rs 12.9 crore YoY, while the margin rose 9.4 percent compared to 7.4 percent in the year-ago period.

Shares of Nazara Technologies Ltd ended at Rs 724.70, up by Rs 4.00, or 0.56 percent on the BSE.

(Edited by : Shoma Bhattacharjee)