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HomeMarket NewsNazara Tech open offer announced by Plutus, Axan Estates to acquire another 26% stake
The open offer is priced at ₹990 per share, which is a 7% discount to the current market price of Nazara Technologies. The offer targets the acquisition of 2.41 crore shares, valued at approximately ₹2,382 crore.
By Meghna Sen January 20, 2025, 2:32:14 PM IST (Published)
Axana Estates and Plutus Wealth Management, along with Junomoneta Finsol, have made an open offer to acquire up to a 26% stake in Nazara Technologies Ltd.
The open offer is priced at ₹990 per share, which is a 7% discount to the current market price of Nazara Technologies. The offer targets the acquisition of 2.41 crore shares, valued at approximately ₹2,382 crore.
Plutus, along with Mithun Sacheti will become the promoter of Nazara Tech after completion of the open offer. The current promoter, who have a 9% stake in company, will also form the part of promoter group.
Plutus Wealth entities already held a 13.3% stake in the company. Post this transaction, the stake would be 27.2% for Axan Estates and Plutus Wealth.
Nazara Technologies also announced raising of funds up to ₹495 crore through preferential issue of shares.
The company has announced a preferential issue of up to 50,00,000 equity shares at ₹990 per share, raising up to ₹495 crore. This is for an identified investor, Axana Estates LLP.
Axana Estates is promoted entity of CaratLane promoter Mithun Sacheti.
The company will acquire IP assets from Zeptolab for ₹67 crore. IP assets include Crash Arena Turbo Stars and King of Thieves.
In response to the news, shares of Nazara Technologies Ltd. surged as much as 4% to trade at ₹1,060.60. The stock has risen 5% so far in 2025, trading in the positive on a year-to-date basis.
