Zerodha founder Nikhil Kamath looking to increase stake in Nazara Technologies

Kamath, who holds around a percent in the mobile gaming firm, is looking to take his stake to 3.5 percent in his personal capacity and talks are still on, CNBC-TV18 reported

Zerodha founder Nikhil Kamath is looking to increase his stake in mobile gaming company and sports media platform Nazara Technologies to 3.5 percent, CNBC-TV18 has reported.

Kamath, who holds about a percent in Nazara Technologies, is in talks to raise the shareholding in personal capacity, the report cited sources as saying.

Moneycontrol couldn’t verify the report independently.

Nazara Technologies, which will hold its board meeting on September 4, has talked of plans to raise funds. The company said it is considering raising funds by issuing equity shares on a preferential basis, in accordance with the Companies Act, the gaming company said in an exchange filing on August 30.

This is the second time in two months that the company has opted to raise capital. In July, the company decided to raise funds through the issue of equity shares. The board of directors approved raising its authorised share capital from Rs 30 to Rs 50 crore.

In early August, the company said it would invest up to $500,000 (around Rs 4.15 crore) in Israel-based Snax Games as the diversified gaming and sports media firm looks to expand its portfolio.

The investment will be made by Nazara Technologies’ Singapore subsidiary in one or two tranches in the form of a Simple Agreement for Future Equity (SAFE), the company said in a stock market filing. Following the agreement, Nazara Singapore will have the right to acquire equity shares in Snax Games at a future date.

Also read:  Nazara Tech soars 8% on fundraising plans

Gaming and e-sports verticals have grown at a clip as internet penetration grows and gaming gains ground.

At 10.15 am, the stock was trading at Rs 777.95 on the National Stock Exchange, up   (0.13 percent from the previous close.