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Rakesh Jhunjhunwala-backed company acquires stake in Rusk Media

Rakesh Jhunjhunwala-backed Nazara Technologies on Tuesday said it has acquired stake in Rusk Media Ltd for about ₹2 crore.

“The company on October 25 has acquired 1,601 equity shares of ₹10 each in Rusk Media and paid the consideration of ₹2 crore to the respective sellers for the same,” Nazara Tech said in a filing.

Post acquisition of equity shares, the company is now holding 5.54% of the issued and paid up share capital in Rusk Media.

Nazara Technologies shares closed today at ₹2,725, up 3.41% on NSE. Since the start of 2021, the scrip has gained almost 71%. In the last one month, the stock has given stellar returns to the investors with a gain of nearly 20%.

Recently, Nazara Tech has raised ₹315 crore from marquee investors via preferential allotment of fresh equity. This infusion of fresh funds will be utilised to invest in growth initiatives of the company as well as pursue strategic acquisitions in the various business verticals of the company including gamified learning, freemium, skill based real money gaming and esports.

Nazara is an India based diversified gaming and sports media platform with a presence in India and across emerging and developed global markets such as Africa and North America.

Ace investor Rakesh Jhunjhunwala owns 32,94,310 shares, which amounts to around 10.82% stake in the company, as per the shareholding pattern at the end of September quarter.

Nazara Technologies is betting big on real-money gaming and is eyeing ₹100 crore in revenues by the end of FY22. The company’s future strategy entails building a plug-and-play, software-as-a-service (SaaS) offering for real-money games which will allow any platform or individual to offer the service to their users.

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