{"id":27249,"date":"2026-06-06T15:08:27","date_gmt":"2026-06-06T09:38:27","guid":{"rendered":"https:\/\/trending.niftytrader.in\/?p=27249"},"modified":"2026-06-06T15:18:05","modified_gmt":"2026-06-06T09:48:05","slug":"nazara-technologies-allots-1-82cr-warrants-raises-rs118cr","status":"publish","type":"post","link":"https:\/\/www.niftytrader.in\/markets\/nazara-technologies-allots-1-82cr-warrants-raises-rs118cr\/","title":{"rendered":"Nazara Technologies Allots 1.82 Crore Warrants, Collects Rs 118.5 Crore Upfront"},"content":{"rendered":"<div class=\"flex-1 flex flex-col px-4 max-w-3xl mx-auto w-full pt-1\">\n<div data-test-render-count=\"1\">\n<div class=\"group\">\n<div class=\"contents\">\n<div class=\"group relative relative pb-3\" data-is-streaming=\"false\">\n<div class=\"font-claude-response relative leading-[1.65rem] [&amp;_pre&gt;div]:bg-bg-000\/50 [&amp;_pre&gt;div]:border-0.5 [&amp;_pre&gt;div]:border-border-400 [&amp;_.ignore-pre-bg&gt;div]:bg-transparent [&amp;_.standard-markdown_:is(p,blockquote,h1,h2,h3,h4,h5,h6)]:pl-2 [&amp;_.standard-markdown_:is(p,blockquote,ul,ol,h1,h2,h3,h4,h5,h6)]:pr-8 [&amp;_.progressive-markdown_:is(p,blockquote,h1,h2,h3,h4,h5,h6)]:pl-2 [&amp;_.progressive-markdown_:is(p,blockquote,ul,ol,h1,h2,h3,h4,h5,h6)]:pr-8\">\n<div class=\"mt-4\">\n<div class=\"grid grid-rows-[auto_auto] min-w-0\">\n<div class=\"row-start-2 col-start-1 relative grid isolate min-w-0\">\n<div class=\"row-start-1 col-start-1 relative z-[2] min-w-0\">\n<div class=\"standard-markdown grid-cols-1 grid [&amp;_&gt;_*]:min-w-0 gap-3 standard-markdown\">\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><em>India&#8217;s only listed gaming company closes Rs 474 crore preferential issue; Plutus enters promoter group; one allottee dropped under SEBI rules; conversion deadline is December 2027<\/em><\/p>\n<hr \/>\n<h2 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>What Happened<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">Gaming and sports media firm <a href=\"https:\/\/www.nazara.com\/\" rel=\"noopener\">Nazara Technologies<\/a>, on June 5, 2026, completed the preferential allotment of 1,82,31,000 warrants at Rs 260 per unit, including a premium of Rs 258, and immediately collected Rs 118.50 crore as the mandatory 25% upfront subscription payment, per a BSE\/NSE regulatory filing.<\/p>\n<p>&nbsp;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">The process was approved at an Extraordinary General Meeting held on May 1, 2026, and traces back to a board resolution dated March 30, 2026, which had greenlit issuance of up to 1,92,31,000 warrants aggregating up to Rs 500 crore.<\/p>\n<p>&nbsp;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">Final allotment came in lower: one proposed allottee, slated for 10 lakh warrants worth Rs 26 crore, was declared ineligible under Chapter V of the SEBI ICDR Regulations before the allotment date. The company did not disclose the entity&#8217;s name.<\/p>\n<hr class=\"border-border-200 border-t-0.5 my-3 mx-1.5\" \/>\n<h2 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>Key Highlights at a Glance<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<ul class=\"[li_&amp;]:mb-0 [li_&amp;]:mt-1 [li_&amp;]:gap-1 [&amp;:not(:last-child)_ul]:pb-1 [&amp;:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3\">\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Total warrants allotted: <strong>1,82,31,000<\/strong> (at Rs 260 each)<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Upfront 25% collected: <strong>Rs 118.50 crore<\/strong> (June 5, 2026)<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Total proceeds if all warrants convert: <strong>Rs 474 crore<\/strong><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Balance payable on conversion (75%): <strong>Rs 355.50 crore<\/strong><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Conversion deadline: <strong>December 5, 2027<\/strong> (18 months)<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Originally approved: up to 1,92,31,000 warrants worth Rs 500 crore<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Warrants dropped due to SEBI ineligibility: <strong>10 lakh warrants \/ Rs 26 crore<\/strong><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Plutus Investments and Holding Pvt Ltd: <strong>newly classified as promoter group<\/strong><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">EGM approval date: <strong>May 1, 2026<\/strong><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Equity dilution: <strong>only on conversion<\/strong>, not at allotment<\/li>\n<\/ul>\n<p><a href=\"https:\/\/trending.niftytrader.in\/wp-content\/uploads\/2026\/06\/nazara-tech.webp\" rel=\"noopener\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-27251\" src=\"https:\/\/trending.niftytrader.in\/wp-content\/uploads\/2026\/06\/nazara-tech.webp\" alt=\"\" width=\"1024\" height=\"1536\" \/><\/a><\/p>\n<p>Check live: <a href=\"https:\/\/niftytrader.in\/stocks-price\/nazara\/chart\" rel=\"noopener\">NAZARA TECHNOLOGIES Share Price Chart: Live<\/a><\/p>\n<hr class=\"border-border-200 border-t-0.5 my-3 mx-1.5\" \/>\n<h2 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>Allottee Breakdown<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<div class=\"overflow-x-auto w-full px-2 mb-6\">\n<table class=\"min-w-full border-collapse text-sm leading-[1.7] whitespace-normal\">\n<thead class=\"text-left\">\n<tr>\n<th class=\"text-text-100 border-b-0.5 border-[hsl(var(--border-300)\/0.6)] py-2 pr-4 align-top font-bold\" scope=\"col\">Allottee<\/th>\n<th class=\"text-text-100 border-b-0.5 border-[hsl(var(--border-300)\/0.6)] py-2 pr-4 align-top font-bold\" scope=\"col\">Warrants Allotted<\/th>\n<th class=\"text-text-100 border-b-0.5 border-[hsl(var(--border-300)\/0.6)] py-2 pr-4 align-top font-bold\" scope=\"col\">% of Total<\/th>\n<th class=\"text-text-100 border-b-0.5 border-[hsl(var(--border-300)\/0.6)] py-2 pr-4 align-top font-bold\" scope=\"col\">Upfront Paid (25%)<\/th>\n<th class=\"text-text-100 border-b-0.5 border-[hsl(var(--border-300)\/0.6)] py-2 pr-4 align-top font-bold\" scope=\"col\">Full Value at Conversion<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Riambel Capital PCC-RCC1<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">94,85,000<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">52.0%<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 61.65 cr<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 246.61 cr<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">S Gupta Family Enterprises Pvt Ltd<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">40,00,000<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">21.9%<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 26.00 cr<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 104.00 cr<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Plutus Investments and Holding Pvt Ltd<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">38,46,000<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">21.1%<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 24.99 cr<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 99.99 cr<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Founders Collective Fund<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">9,00,000<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">4.9%<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 5.85 cr<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 23.40 cr<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\"><strong>Total<\/strong><\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\"><strong>1,82,31,000<\/strong><\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\"><strong>100%<\/strong><\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\"><strong>Rs 118.50 cr<\/strong><\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\"><strong>Rs 474 cr<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">Riambel Capital PCC-RCC1 is the single dominant force, 52% of all warrants allotted, over Rs 61 crore paid upfront. No other participant comes close.<\/p>\n<hr class=\"border-border-200 border-t-0.5 my-3 mx-1.5\" \/>\n<h2 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>Total Fundraising Potential<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<div class=\"overflow-x-auto w-full px-2 mb-6\">\n<table class=\"min-w-full border-collapse text-sm leading-[1.7] whitespace-normal\" style=\"height: 218px;\" width=\"684\">\n<thead class=\"text-left\">\n<tr>\n<th class=\"text-text-100 border-b-0.5 border-[hsl(var(--border-300)\/0.6)] py-2 pr-4 align-top font-bold\" scope=\"col\">Particulars<\/th>\n<th class=\"text-text-100 border-b-0.5 border-[hsl(var(--border-300)\/0.6)] py-2 pr-4 align-top font-bold\" scope=\"col\">Amount<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Total warrants issued<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">1,82,31,000<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Issue price per warrant<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 260<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Total potential proceeds (full conversion)<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 474 crore<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Upfront amount already received<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 118.50 crore<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Balance payable on conversion<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 355.50 crore<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Originally approved issue size<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 500 crore<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Shortfall due to dropped allottee<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 26 crore<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<hr class=\"border-border-200 border-t-0.5 my-3 mx-1.5\" \/>\n<h2 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>Conversion Terms \u2014 What Investors Need to Know<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<ul class=\"[li_&amp;]:mb-0 [li_&amp;]:mt-1 [li_&amp;]:gap-1 [&amp;:not(:last-child)_ul]:pb-1 [&amp;:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3\">\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Each warrant converts into <strong>one fully paid equity share<\/strong> (face value Rs 2)<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Conversion window: <strong>18 months from June 5, 2026\u2014deadline December 5, 2027<\/strong><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Remaining 75% of issue price = <strong>Rs 195 per warrant<\/strong>, payable at conversion<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Conversion can happen in <strong>one or more tranches<\/strong>\u2014no forced single exercise date<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\"><strong>Equity dilution triggers only on conversion<\/strong>, not at the time of warrant allotment<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">If warrants are not converted, Nazara retains the Rs 118.50 crore upfront; warrants lapse<\/li>\n<\/ul>\n<hr class=\"border-border-200 border-t-0.5 my-3 mx-1.5\" \/>\n<h2 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>The Plutus Angle: An Insider Formally Joins the Promoter Group<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">This is the structural detail that sets this allotment apart from a routine fundraise. Plutus Investments and Holding Pvt. Ltd. has been classified as a promoter-group entity from the allotment date because of its association with certain existing promoters, as stated in Nazara&#8217;s exchange filing.<\/p>\n<p>&nbsp;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">The backstory matters. Plutus Wealth Management LLP, a related Plutus entity, had acquired a 6.38% stake in Nazara via a block deal in May 2024, when promoter Mitter Infotech LLP sold 4.88 million shares. Plutus Wealth Management LLP currently holds 10.91% of Nazara&#8217;s total share capital as a public shareholder.<\/p>\n<p>&nbsp;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">Friday&#8217;s allotment to Plutus Investments and Holding Pvt Ltd, a distinct but associated entity, formalises the broader Plutus group&#8217;s transition from a large public shareholder into the promoter circle.<\/p>\n<p>&nbsp;<\/p>\n<h3 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">Pre-allotment promoter holding as of March 2026: <strong>35.46%<\/strong>.<\/h3>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">Any further creeping acquisition beyond SEBI Takeover Regulations thresholds by the Plutus group would trigger open offer obligations, a threshold investors should monitor as the December 2027 conversion deadline approaches.<\/p>\n<p>&nbsp;<\/p>\n<hr class=\"border-border-200 border-t-0.5 my-3 mx-1.5\" \/>\n<h2 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>What Happened to the Missing Warrants?<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">The final allotment was 10 lakh warrants short of the originally approved figure.<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">One proposed allottee, intended to receive 10,00,000 warrants aggregating to Rs 26,00,00,000, was declared ineligible before the allotment date under Chapter V of SEBI&#8217;s ICDR Regulations, rules governing preferential issues, including eligibility conditions around connected parties, financial standing, and regulatory compliance. The company did not name the entity. This reduced the total issue from the Rs 500 crore board-approved ceiling to Rs 474 crore.<\/p>\n<hr class=\"border-border-200 border-t-0.5 my-3 mx-1.5\" \/>\n<h2 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>Nazara&#8217;s Financials: What This Capital Is Backing<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<div class=\"overflow-x-auto w-full px-2 mb-6\">\n<table class=\"min-w-full border-collapse text-sm leading-[1.7] whitespace-normal\" style=\"height: 140px;\" width=\"696\">\n<thead class=\"text-left\">\n<tr>\n<th class=\"text-text-100 border-b-0.5 border-[hsl(var(--border-300)\/0.6)] py-2 pr-4 align-top font-bold\" scope=\"col\">Metric<\/th>\n<th class=\"text-text-100 border-b-0.5 border-[hsl(var(--border-300)\/0.6)] py-2 pr-4 align-top font-bold\" scope=\"col\">Q4 FY26<\/th>\n<th class=\"text-text-100 border-b-0.5 border-[hsl(var(--border-300)\/0.6)] py-2 pr-4 align-top font-bold\" scope=\"col\">Q4 FY25<\/th>\n<th class=\"text-text-100 border-b-0.5 border-[hsl(var(--border-300)\/0.6)] py-2 pr-4 align-top font-bold\" scope=\"col\">Change<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Net Profit (PAT)<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 46.96 cr<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 15.86 cr<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">+196% YoY<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Revenue from Operations<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 397.78 cr<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 520.20 cr<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">-23.5% YoY<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">EBITDA Margin<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">19.5%<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">~14%<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Expanded<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Full Year FY26 PAT<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 95.84 cr<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 75.37 cr<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">+27.2% YoY<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">The revenue decline is explained by one event: the deconsolidation of Nodwin Gaming from August 2025. Adjusted for Nodwin, Q4 FY26 revenue grew 8% year-on-year. Gaming now accounts for 90% of FY26 EBITDA.<\/p>\n<hr class=\"border-border-200 border-t-0.5 my-3 mx-1.5\" \/>\n<h2 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>Where the Rs 474 Crore Is Going<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">The warrant proceeds are earmarked to fund Nazara&#8217;s $100.3 million (Rs 918 crore) acquisition of a 50% controlling stake in Spanish gaming platforms Bluetile Games and BestPlay Systems, signed in March 2026.<\/p>\n<ul class=\"[li_&amp;]:mb-0 [li_&amp;]:mt-1 [li_&amp;]:gap-1 [&amp;:not(:last-child)_ul]:pb-1 [&amp;:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3\">\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Bluetile + BestPlay CY25 combined revenue: <strong>$153.6 million (Rs 1,405 crore)<\/strong><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Combined CY25 EBITDA: <strong>$27.7 million (Rs 254 crore)<\/strong><\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Monthly active users: <strong>22 million<\/strong> across 17 live games (Bluetile) + 2.2 million (BestPlay)<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Nazara holds a call option to buy the remaining ~50% stake by 2028 at 6.6x trailing EBITDA<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Performance earn-outs of up to $98.2 million (Rs 898 crore) tied to CY2027\u20132029 targets<\/li>\n<\/ul>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">PL Capital has a buy rating on Nazara with a target of Rs 319, projecting <strong>47% revenue CAGR over FY26\u2013FY28<\/strong> on the back of Bluetile consolidation.<\/p>\n<hr class=\"border-border-200 border-t-0.5 my-3 mx-1.5\" \/>\n<h2 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>Stock and Shareholding Context<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<div class=\"overflow-x-auto w-full px-2 mb-6\">\n<table class=\"min-w-full border-collapse text-sm leading-[1.7] whitespace-normal\" style=\"height: 278px;\" width=\"717\">\n<thead class=\"text-left\">\n<tr>\n<th class=\"text-text-100 border-b-0.5 border-[hsl(var(--border-300)\/0.6)] py-2 pr-4 align-top font-bold\" scope=\"col\">Parameter<\/th>\n<th class=\"text-text-100 border-b-0.5 border-[hsl(var(--border-300)\/0.6)] py-2 pr-4 align-top font-bold\" scope=\"col\">Data<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">52-week high<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 363.25<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">52-week low<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 215.70<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Warrant issue price<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 260<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Pre-allotment promoter holding (Mar 2026)<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">35.46%<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">FII holding (Mar 2026)<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">13.3%<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Public holding (Mar 2026)<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">49.1%<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">FY27 revenue growth guidance<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">15\u201320%<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">FY27 EBITDA margin target<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">25%<\/td>\n<\/tr>\n<tr>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Broker target price (PL Capital)<\/td>\n<td class=\"border-b-0.5 border-[hsl(var(--border-300)\/0.3)] py-2 pr-4 align-top\">Rs 319 (Buy)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">The warrant price of Rs 260 sits inside the 52-week range, not a distressed discount, not an inflated premium. For investors, the real signal is that four institutional and strategic entities committed capital at this level with an 18-month conversion commitment attached.<\/p>\n<p>Read Next: <a href=\"https:\/\/niftytrader.in\/markets\/bitcoin-down-43pct-as-ai-drains-capital\/\" rel=\"noopener\">Bitcoin Down 43% From Trump-Era Peak as AI Stocks Drain Capital<\/a><\/p>\n<hr class=\"border-border-200 border-t-0.5 my-3 mx-1.5\" \/>\n<h2 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>FAQ<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<h3 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>How much money has Nazara received immediately, and what is the maximum it can raise?<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">Rs 118.50 crore has been received as the mandatory 25% upfront subscription. The remaining Rs 355.50 crore flows in only when warrant holders exercise conversion into equity shares before December 5, 2027. Total maximum proceeds: Rs 474 crore. If warrants are not converted, Nazara retains the Rs 118.50 crore and no equity dilution occurs.<\/p>\n<p>&nbsp;<\/p>\n<h3 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>Why was one allottee dropped, and how much did it reduce the fundraise?<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">One unnamed entity was declared ineligible under Chapter V of SEBI&#8217;s ICDR Regulations before the June 5 allotment date. This removed 10 lakh warrants worth Rs 26 crore from the issue, bringing total proceeds down from the board-approved Rs 500 crore ceiling to Rs 474 crore. The cause of ineligibility was not disclosed.<\/p>\n<p>&nbsp;<\/p>\n<h3 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>What changes with Plutus Investments entering the promoter group?<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">Plutus Investments and Holding Pvt Ltd&#8217;s 38.46 lakh warrants, on full conversion, will add to the promoter group&#8217;s shareholding. The associated Plutus Wealth Management LLP already holds 10.91% in the public category. Any further accumulation by the combined Plutus group beyond SEBI Takeover Regulations thresholds would trigger mandatory open offer obligations, a key governance trigger to watch over the next 18 months.<\/p>\n<p>&nbsp;<\/p>\n<h3 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>When will the equity dilution actually happen?<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">Dilution to existing shareholders occurs only when, and to the extent that, warrants are converted into equity shares. The earliest this can happen is any tranche within 18 months, with the hard deadline of December 5, 2027. Partial conversion is permitted, so dilution could be gradual rather than all at once.<\/p>\n<p>&nbsp;<\/p>\n<h3 class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\"><strong>What is the next key trigger to watch?<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal leading-[1.7]\">The Bluetile-BestPlay acquisition close is the immediate catalyst, with the warrant conversion window running until December 5, 2027. Nazara&#8217;s FY27 revenue guidance (15\u201320% growth) and EBITDA margin target (25%) will be the benchmarks against which investors measure whether the Rs 474 crore capital deployment delivered results.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s only listed gaming company closes Rs 474 crore preferential issue; Plutus enters promoter group; one allottee dropped under SEBI rules; conversion deadline is December 2027 What Happened &nbsp; Gaming and sports media firm Nazara Technologies, on June 5, 2026, completed the preferential allotment of 1,82,31,000 warrants at Rs 260 per unit, including a premium [&hellip;]<\/p>\n","protected":false},"author":11,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[615],"tags":[2795,2801,2800,2804,2798,2805,2799,2802,2803,2806,2796,2797],"ppma_author":[1523],"class_list":["post-27249","post","type-post","status-publish","format-standard","has-post-thumbnail","category-stock-market-news","tag-equity-warrants","tag-gaming-stocks-india","tag-indian-gaming-industry","tag-nazara-capital-raise","tag-nazara-corporate-action","tag-nazara-fund-raising","tag-nazara-share-price","tag-nazara-stock-news","tag-nazara-technologies-news","tag-nazara-warrants-allotment","tag-preferential-allotment","tag-warrant-issue"]," _eael_post_view_count":0,"authors":[{"term_id":1523,"user_id":11,"is_guest":0,"slug":"nikki","display_name":"Nikki Lodha","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/ae2e265bd56e0e890c866fbaa55d29846ba20cc5372adf666652268816af117e?s=96&d=mm&r=g","first_name":"Nikki","last_name":"Lodha","user_url":"https:\/\/www.niftytrader.in\/markets\/","author_category":"","description":""}],"_links":{"self":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/27249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/comments?post=27249"}],"version-history":[{"count":5,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/27249\/revisions"}],"predecessor-version":[{"id":27258,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/27249\/revisions\/27258"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/media\/27250"}],"wp:attachment":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/media?parent=27249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/categories?post=27249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/tags?post=27249"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/ppma_author?post=27249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}