Investors re-allocated from India to Taiwan, Hong Kong/China and South Korea in July, with 71% of EM funds becoming underweight on India at the end of the month
Nazara Tech share price: This comes days after veteran investor Rekha Jhunjhunwala sold nearly 2 percent stake in the gaming company for Rs 218 crore.
Nazara Tech share price: Rekha Jhunjhunwala's stake in the gaming platform has now reduced to 5.07% from the earlier holding of 7.05% after the stake sale.
Nazara Tech's esports subsidiary Nodwin Gaming has sought to expand its offerings in India and international markets through a series of acquisitions and investments over the past few years.
Through this investment, Norian Games and Xigma Games will gain financial support, and access to mentorship and strategic guidance.
Nazara's board has approved the merger of its subsidiary Paper Boat Apps with the company, a move that is aimed at bringing core gaming business within the parent firm.
These units together contributed to less than 2 percent of the firm’s revenues and less than 1 percent of the profit, according to the March 2024 quarterly results
Nazara Tech already owns 13.51 percent stake of Freaks 4U and will hold 57 percent after the completion of the deal, the company said in a statement on June 28. It will have an exclusive right to acquire the balance 43 percent stake from the Germany-based firm’s founders at its discretion, the company statement added.
Promoter Mitter Infotech sold the shares to Plutus Wealth Management, a pre-IPO investor in Nazara Tech, as confirmed by the company.
The news was cheered by investors. The stock was trading over 11 percent higher at Rs 846 on the National Stock Exchange
Weak global cues and August expiry volatility weigh the market down, with benchmark indices closing around 0.4 percent lower. About 1,805 shares advanced, 1,703 declined and 142 remained unchanged