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Nazara Technologies is set to invest Rs 982 crore in Moonshine Technology, enhancing its foothold in the online skill-gaming market, despite ongoing regulatory challenges.
On September 12, 2024, Nazara Technologies announced a significant investment of Rs 982 crore in Moonshine Technology, the parent company of the popular online poker platform PokerBaazi. This move involves two key components: an initial acquisition of a 47.7% stake in Moonshine Technology for Rs 831.5 crore, followed by an additional Rs 150 crore investment. This is the largest investment Nazara Technologies has made so far and marks a substantial commitment to enhancing its footprint in the online skill-gaming industry.
This strategic investment is expected to bolster Nazara’s position as a leading gaming stock in India, showcasing its confidence in the growth potential of the sector. As of 11:20 AM on September 13, 2024, Nazara Technologies' share price stands at Rs 1,030, reflecting a rise of 2.25%. The move comes at a time when the industry faces challenges such as regulatory ambiguities and the impact of the 28% GST on real-money games. By acquiring a significant stake in Moonshine Technology, Nazara is set to strengthen its influence in the online skill-based gaming market.
As the industry continues to expand, Nazara's investment is anticipated to drive future growth and innovation, solidifying its role in the evolving landscape of gaming stocks in India.
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