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Nazara's stake in Nodwin to drop below 50% after internal fundraise
Nodwin will be reclassified as an associate company from its current status as a subsidiary following the fundraise.
Nodwin is raising fresh capital from certain existing shareholders. However, Nazara will not participate in the proposed funding round in Nodwin.
Nazara's stake in Nodwin is expected to fall below 50 per cent.
It will, however, remain the largest shareholder in Nodwin even after the de-subsidiarisation.
'The proposed capital raise will result in the shareholding of the company (Nazara) in Nodwin falling below 50 per cent. Further, in order to support Nodwin's next phase of growth and provide it with the operational and financial flexibility needed to raise timely funding, the company has also decided to waive certain controlling and restrictive rights it currently holds as the majority shareholder,' it said.
Nodwin's fundraise comes at a time when the company plans to 'pursue aggressive growth in its e-sports and youth media business'.
In December 2024, the Nazara board had approved an investment of Rs 64 crore in Nodwin.
Nazara had acquired a majority stake of 55 per cent in Nodwin Gaming in 2018.
It had then said that it planned to leverage its investments in the mobile and digital sports category to build intellectual properties (IPs) in the e-sports space along with Nodwin in categories such as soccer, cricket, and other traditional sports.
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