Zerodha founder Nikhil Kamath is looking to increase his stake in mobile gaming company and sports media platform Nazara Technologies to 3.5 percent, CNBC-TV18 has reported.
Kamath, who holds about 1 percent in Nazara Technologies, is in talks to raise the shareholding in his personal capacity, the report cited sources as saying.
Moneycontrol couldn’t independently verify the report.
Nazara Technologies, which will hold its board meeting on September 4, has talked of plans to raise funds. It is considering raising funds by issuing equity shares on a preferential basis, in accordance with the Companies Act, the gaming company said in an exchange filing on August 30.
This is the second time in two months that the company has opted to raise capital. In July, the company decided to raise funds through the issue of equity shares. The board of directors approved raising its authorised share capital from Rs 30 crore to Rs 50 crore.
In early August, the company said it would invest up to $500,000 (around Rs 4.15 crore) in Israel-based Snax Games as the diversified gaming and sports media firm looks to expand its portfolio.
The investment will be made by Nazara Technologies' Singapore subsidiary in one or two tranches in the form of a Simple Agreement for Future Equity (SAFE), the company said in a stock market filing. Following the agreement, Nazara Singapore will have the right to acquire equity shares in Snax Games at a future date.
Also read: Nazara Tech soars 8% on fundraising plans
Gaming and e-sports verticals have grown at a clip as internet penetration grows and gaming gains ground.
At 10.15 am, the stock was trading at Rs 777.95 on the National Stock Exchange, up 0.13 percent from the previous close.
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