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Published on 23/03/2023 11:29:23 AM | Source: Accord Fintech

Nazara Technologies moves higher on the BSE

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Nazara Technologies is currently trading at Rs. 514.40, up by 7.65 points or 1.51% from its previous closing of Rs. 506.75 on the BSE.

The scrip opened at Rs. 521.60 and has touched a high and low of Rs. 524.00 and Rs. 511.40 respectively. So far 31121 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 4 has touched a 52 week high of Rs. 897.00 on 23-Mar-2022 and a 52 week low of Rs. 481.95 on 20-Mar-2023.

Last one week high and low of the scrip stood at Rs. 524.00 and Rs. 481.95 respectively. The current market cap of the company is Rs. 3421.86 crore.

The promoters holding in the company stood at 19.14%, while Institutions and Non-Institutions held 16.46% and 64.41% respectively.

Absolute Sports (Sportskeeda), a material subsidiary of Nazara Technologies, has signed definitive agreements, subject to closing conditions, to acquire a 73.27% stake in Pro Football Network LLC (PFN), a premier source of coverage and analysis of the NFL (United States’ most watched sport) and college football. This marks the first acquisition for Absolute Sports in the US Sports Media market as it lo

The acquisition is proposed by way of combination of both primary infusion in preferred stocks and secondary purchase of common stock from its existing stockholders and subsequent exchange of such common stock into preferred stock, which in aggregate represent up to 73.27% of the capital stock. Further, Sportskeeda Inc, reserves an option to acquire up to 10% and up to 8% additional stock of the Pro Football Network LLC in CY 2024 and CY 2025 respectively.oks to bolster its existing user base and offerings in the US.

The proposed investment is part of Sportskeeda growth strategy to strengthen the strategic position and presence of Sportskeeda in US digital sports media market. The proposed acquisition will help Sportskeeda in increasing its revenues in digital media space.

Nazara Technologies is one of the leading mobile games company and it is engaged in acquisition of, value addition and distribution, of mobile games across emerging markets such as India, Middle East, Africa, South East Asia and Latin America.