Nazara Technologies has approved a preferential issue of equity shares worth up to Rs 733.5 crore. The proposal awaits shareholder and regulatory approvals. The board approved the issuance of up to 2,39,70,676 equity shares at an issue price of Rs 306 apiece, including a premium of Rs 304 per share, to six identified investors on a preferential basis. The proposed allottees are Raymond Albaladejo Stauffer, Marc Sylvester Schutze, Maxime Loppin, Alexandre Paul Jean Noirot Cosson, Alexander Osou and Hugo Rémy Gaston Blavin. Stauffer, who wasappointedNazara's chief executive officer earlier this week and will assume the role from September 1, is set to receive the largest allotment of 1,90,67,969 shares. Following the allotment, he will hold a 4.67% stake in the company. The remaining investors will receive 28,32,273 shares, 10,03,628 shares, 7,10,946 shares, 2,66,895 shares and 88,965 shares, respectively. Collectively, the six investors will own a 5.87% stake in Nazara after the preferential issue. The fundraising comes three days after Nazara reported a weak start to FY27. The company posted a 14% year on year decline in operating revenue to Rs 429 crore in the June quarter from Rs 499 crore in the year ago period. It also slipped to a net loss of Rs 82 crore against a net profit of Rs 51 crore in the corresponding quarter of the previous fiscal. The loss included Rs 62 crore as its share of losses from associates and a Rs 22 crore impairment charge. The board also announced a leadership transition earlier this week. Founder Nitish Mittersain stepped down as chief executive officer and will continue as managing director, focusing on the company's long term strategy and strategic partnerships, while Stauffer will take over as CEO from September 1. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
