Nazara Technologies, a provider of gaming and sports media, announced on Wednesday that its board has approved a preferential equity issuance aimed at raising Rs.900 crore.

Nazara also declared that it would increase its ownership to 91% of Absolute Sports.

According to a company release, the new funding will support the company's business expansion and strategic acquisitions while also opening up new growth prospects.

For Rs.145.5 crores, Nazara purchased a 19.35% share in Absolute Sports, the parent company of Sportskeeda. Of this amount, 50% was paid in cash, while the remaining portion was paid in stock, the statement stated.

With this new investment, Nazara's ownership in Absolute Sports now stands at 91%.

Responding to this, the statement from the company reads, "Nazara's financial foundation for long-term expansion will be further strengthened with the preferential equity issue amounting to Rs. 900 crores, which will be placed with marquee investors like SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments, and Aamara Capital".

Expressing to this funding, Nitish Mittersain, CEO & Jt MD of Nazara Technologies, states, “Nazara has demonstrated its ability to attract top-tier investors who believe in our long-term vision of establishing India’s first globally respected gaming powerhouse. This Rs 900 crores fundraise will be instrumental in accelerating our growth across key segments."

Further Mittersain added "Additionally, increasing our stake to 91% in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape. The growth of Absolute Sports, from its early days as a startup to becoming a global media player, underscores our commitment to supporting innovative teams that consistently deliver transformational growth”.