Nazara Technologies increases stake in Next Wave Multimedia

Nazara Technologies Limited has acquired 1,000 equity shares of Next Wave Multimedia and increased its equity holding in the latter to 74.88% from 71.88%.

The company has paid Rs 2.3 crore as the first tranche and will discharge the balance amount in due course, Nazara said in a stock exchange filing. Nextwave remains a subsidiary of Nazara Technologies.

The second tranche will include buying 8,375 shares, representing 25.12% of Nextwave Multimedia, for Rs 19.33 crore either by cash or stock issuance of Nazara Technologies within six months of the closure of the first tranche.

Nazara first acquired a majority stake in Nextwave Multimedia in 2018 and increased its stake to 71.88 percent in May 2023.

Last month, Mumbai-based Nazara Technologies raised Rs 855 crore (approximately $100 million) through a preferential issue. The board approved the allotment on November 27, 2024, after receiving application funds from eligible investors.

In the September quarter (Q2 FY25), Nazara Technologies reported a 7.3% year-on-year increase in revenue to Rs 318.94 crore, while its profit grew by 10.85% to Rs 21.97 crore.

Recently, gaming and esports company Nodwin Gaming has received approval of Rs 64 crore in funding from its parent company Nazara Technologies. It also acquired Trinity Gaming for Rs 24 crore.