Plutus Wealth, Others Float Open Offer For 26% Stake In Nazara Tech For Rs 2,384 Crore
If the open offer is fully accepted, the combined shareholding of the acquirers, Junomoneta and the existing promoter group is expected to be around 61.5%.
Plutus Wealth Management LLP, Axana Estates LLP and Junomoneta Finsol Pvt. are set to acquire about 26% stake in Nazara Technologies Ltd. for Rs 2,384 crore.
The open offer is for acquisition of up to 2.41 crore fully paid-up equity shares of face value of Rs 4 each. The open-offer price is set at Rs 990 apiece, according to an exchange filing on Wednesday.
If the open offer is fully accepted, the combined shareholding of the acquirers, Junomoneta and the existing promoter group, including Vikash and Nitish Mittersain, is expected to be around 61.5% of the company.
In January, Axana Estates LLP, whose designated partners include Arpit Khandelwal and Mithun Sacheti, invested Rs 495 crore to acquire 5.4% stake in Nazara Tech via a preferential issue. The shares at that point were also issued at Rs 990 apiece.
The Competition Commission of India had approved Axana and others' majority stake acquisition in Nazara Technologies in May.
Shares of Nazara Technologies closed 0.62% higher at Rs 1,273.9 apiece on the National Stock Exchange before the announcement, compared to a 0.15% advance in the benchmark Nifty. The stock has risen 50.49% in the last 12 months and 25.69% on a year-to-date basis.
Out of the 10 analysts tracking the company, four maintain a 'buy' rating, two recommend a 'hold,' and four suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target of Rs 1,165 implies an upside of 8.5%.
