Shares of Nazara Technologies Ltd, in which investor Rekha Jhunjhunwala holds a stake, rallied 7 percent to hit a day's high of Rs 879 apiece after its Singapore subsidiary acquired a 100 percent stake in game marketing agency PublishMe for $2 million.

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At 1:28 pm, the scrip was trading 5.50 percent higher at Rs 868.70 apiece on the NSE. Today's gains are on the back of a fall witnessed by Nazara Tech shares over the past few trading sessions.

So far in 2023, Nazara Tech shares have gained nearly 42 percent while giving 17 percent returns in the last one year.

In accordance with the latest shareholding data of the stock on the BSE, investor Rekha Jhunjhunwala, wife of ace late investor Rakesh JhunJhunwala, as of the June 2023 quarter (Q1FY24) held 6,588,620 equity shares or a 9.96 percent stake in the company.

"The Singapore subsidiary of NODWIN Gaming — South Asia’s leading gaming and esports media companies, a material subsidiary of Nazara Technologies has acquired a 100 percent stake in game marketing agency PublishME from its existing shareholders Nazara Technologies Limited and Ozgur Ozalp," Nazara said in a filing.

The integration and acquisition of PublishME into NODWIN Gaming's global emerging market network are poised to enhance NODWIN Gaming’s existing solutions capabilities for publishers and brands alike, it said.

This acquisition will provide the essential tailwinds for NODWIN Gaming to drive its mission of leading the emerging market sports media landscape.

"This strategic acquisition not only brings in a host of new opportunities but also paves the way for a multitude of fresh possibilities for us as a leading gaming and esports media company. As NODWIN Gaming continues to expand its presence across the globe, with particular emphasis on pivotal emerging markets the new BRICS global network. The inclusion of PublishME stands as a natural and integral progression to allow us to help Publishers and Brands understand and access this emerging market," said Akshat Rathee, Co-Founder and Managing Director, NODWIN Gaming.

Nazara CEO Nitish Mittersain said, “We see significant synergies between Nodwin Gaming and PublishME and this transaction will enable Nodwin to get a stronger foothold into the Middle East esports market.”

PublishME will rename itself to NODWIN Gaming in the Middle East but retain the PublishME name in its original market in Turkey. PublishME founder Ozgur Ozalp will also transition over to NODWIN Gaming as the CEO of NODWIN Gaming Dubai.