Nazara Technologies shares have actually jumped as much as 84% from IPO rate of Rs 1,101.
Shares of the video gaming and sports media platform, Nazara Technologies, increased as much as 5.51 per cent to strike an intraday high of Rs 1,805.30 after the business post market hours on Friday notified exchanges that it has actually acquired 100 percent stake in Hyderabad based ability video gaming business OpenPlay for an overall factor to consider of Rs 186.4 crore in one or more tranches.
In the very first tranche of the investment, Nazara Technologies will get 23.30 per cent of the provided and paid up share capital of OpenPlay for a consideration of Rs 43.43 crores, by end of second quarter of the current financial year, the Rakesh Jhunjhunwala backed company added.OpenPlay runs a multi-game customer gaming platform under the Classic Games brand which hosts popular ability based games and runs highest standards of innovation, game fairness, advance player defense, security, AML and advertising standards.OpenPlay presently has an annualised gross video gaming income runrate of Rs 80 crore and is operating on EBITDA positive margins, Nazara Technologies said.
I'm delighted to sign up with the 'Buddies of Nazara Network' and eagerly anticipate working carefully with Nazara management and the Network to build India's largest vernacular social gaming and home entertainment platform.
Our innovation matched by Nazara's placing in the gaming industry in India is the best combination for this endeavour, said Sreeram Reddy Vanga creator of OpenPlay.Nazara Technologies shares, which got noted on stock exchanges in March this year, have jumped as much as 84 percent from issue cost of Rs 1,101, massively outshining the Sensex which has actually advanced 18 percent up until now this year.As of 11:01 am, Nazara Technologies was up 4.3 percent at Rs 1,784.