India's Nazara Technologies rises after nod for preferential shares issue

Nazara Technologies

04/09/2023 05:23

** Shares of Nazara Technologies  NAZA.NS  up as much as
6.3% at 807.50 rupees 
    ** Co approves preferential issue of shares up to one bln
rupees ($12.1 mln) to Kamath Associates and NKSquared at 714
rupees per share
    ** Funds will be used to drive growth - co
    ** Share issue to raise stakes of Kamath Associates to 1.36%
from 0.34%, NKSquared to 1.36% from 0.33% 
    ** Over 499,000 shares change hands as of 09:32 a.m. IST,
1.1x 30-day moving avg 
    ** Seven of nine analysts tracking stock rate it "buy" or
"strong buy," one "hold," one "strong sell;" median PT 822
rupees - LSEG data
    ** As of last close, stock up ~31% this year 


($1 = 82.7600 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))