NEW DELHI: Nazara Technologies’ stock is up 10 per cent after the company announced a preferential issue of shares to Zerodha co-founder Nikhil Kamath.

Nazara stock was up 10 per cent at Rs 835 on BSE on Monday.

Nazara Technologies Limited, an India-based, diversified gaming and sports media platform today announced that its board has approved preferential allotment of equity shares to raise up to Rs 100 crores subject to the receipt of approval of the shareholders of the Company.

The company is proposing to issue 14,00,560 equity shares of face value of Rs 4 each at a price of Rs 714 per equity share aggregating to Rs 999,999,840 proportionately to Kamath Associates and NKSquared.

As per the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements), Regulations, 2018, these equity shares will be locked in for a period of 6 months from the date of issue.