Nikhil Kamath’s investment strategies are once again in the spotlight as his stake in Absolute Sports, the parent company of Sportskeeda, rises to 91%. The gaming stock saw a significant boost after raising ₹900 crore through a preferential issue. This strategic acquisition strengthens Kamath’s position in the rapidly growing sports and entertainment platform market.
Stock Price Movement
Stock Price Movement
Nazara Technologies Ltd, which owns a majority stake in Absolute Sports, saw its stock rise to a 52-week high of ₹1,124.15 per share on Thursday, marking a 3.5% increase from the previous close. However, after the initial surge, the stock pulled back, ending the session at ₹1,009.5, down 7% from its earlier high.
Nazara’s Financial Moves
Nazara’s Financial Moves
Nazara Technologies, a leading gaming and sports media company, recently approved a ₹900 crore preferential equity issue aimed at fueling its growth through strategic acquisitions and business expansion. The fundraise will be supported by top-tier investors, including SBI Mutual Fund and Discovery Investments, and will adhere to SEBI regulations, ensuring long-term financial stability.
Nazara has also acquired an additional 19.35% stake in Absolute Sports Pvt. Ltd., further boosting its ownership to 91%. The total payment of ₹145.5 crore was split between cash and stock, signaling Nazara’s confidence in the potential of Sportskeeda, which continues to attract a global audience.
Sportskeeda’s Global Impact
Sportskeeda’s Global Impact
Sportskeeda, a key brand of Absolute Sports, engages millions of sports fans worldwide, particularly in India and the US. With the acquisition of platforms like Pro Football Network and SoapCentral, Sportskeeda has expanded its reach in the sports and entertainment space, further solidifying its dominance.
What Do You Think?
As Nazara Technologies strengthens its position in the gaming and sports media landscape, the future looks promising. Do you believe this strategic move will lead to sustained growth for the company? Will the stock bounce back after its recent pullback, or is further volatility on the horizon?
