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HomeBusinessRakesh Jhunjhunwala-backed Nazara Tech Fixes Record Date for Bonus Issue; Know Details

Rakesh Jhunjhunwala-backed Nazara Tech Fixes Record Date for Bonus Issue; Know Details


Rakesh Jhunjhunwala Portfolio Stock: The board of Nazara Technologies has fixed June 27, 2022, as the record date for the proposed bonus issue of shares. With its Q4 results, the company’s board approved a bonus of one share against each share held by the shareholders.

“It is hereby informed that the Board of Directors of the Company has fixed Monday, June 27, 2022, as the Record Date, for the purpose of ascertaining the eligibility of shareholders for issuance of Bonus Equity Shares of the Company in the proportion of one new fully paid-up equity shares of Rs 4/- each for every One fully paid up an existing equity share of Rs 4/- each held,” Nazara Tech informed in an exchange filing this week.

What is a Bonus Share Issue?

Bonus shares are additional shares given to the current shareholders without any additional cost, based upon the number of shares that a shareholder owns. These are the company’s accumulated earnings which are not given out in the form of dividends, but are converted into free shares. Companies issue bonus shares to encourage retail participation and increase their equity base. When the price per share of a company is high, it becomes difficult for new investors to buy shares of that particular company. An increase in the number of shares reduces the price per share. But the overall capital remains the same even if bonus shares are declared.

The company will issue 1 new fully paid-up bonus equity share of Rs 4 each for 1 existing equity share (1:1).

The bonus issue is subject to the approval of shareholders which is being obtained by way of the postal ballot through remote e-voting, the company said.

Nazara Technologies is one of the leading mobile games companies. It is India’s leading diversified gaming and sports media platform with a presence across emerging and developed global markets such as Africa and North America, with offerings across interactive gaming, eSports, and gamified early learning ecosystems.

Nazara Technologies Q4 Performance

Digital gaming and sports platform Nazara Technologies posted an about 17 per cent increase in consolidated profit to Rs 4.9 crore for the quarter ended March 2022. The company had logged a profit of Rs 4.2 crore in the same period a year ago.

Revenue from operations increased by about 42 per cent to Rs 175.1 crore during the reported quarter from Rs 123.4 crore in the year-ago period.

“I am glad to report that we have surpassed our revenue and EBITDA guidance for FY22, despite the headwinds caused by a change in Apple policies and regulatory environment in real money gaming in India and negative impact of COVID-19 in esports segment,” Nazara Technologies CEO Manish Agarwal said in a statement.

Rakesh Jhunjhunwala Share Holding Pattern

As per the BSE shareholding pattern, Indian ace investor and stock market trader Rakesh Jhunjhunwala owns a 10.10 per cent stake in the gaming tech company as of March 2022.

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