Societe Generale (SocGen), a France-based investment company, has acquired 5.9 lakh shares in online skill gaming and tech firm Nazara Tech for Rs 33.83 crore, which roughly amounts to a 0.9% stake in the company. The acquisition was done through bulk deals on Friday along with a few other firms on 12 May, and the shares were bought at an average price of Rs 570, according to data available from exchanges.

The company also operates globally, so it is not surprising that foreign firms are investing in Nazara. Around 40% of revenue is brought in by India and North America, with the rest of the world contributing the remaining revenue. According to March quarter reports, the Jhunjhunwala family holds around 9.96% of the company stock, while Ex-CEO Manish Agarwal owns around 1.43% stake in the company.

Nazara Tech also reported an 18% year-on-year (YoY) increase in their profits, increasing from Rs 2.2 crore to Rs 2.6 crore in Q4. Additionally, the company also saw a 65.2% increase in revenue, reaching Rs 289.3 crore. The company is also working towards a blueprint for the pay-to-play space due to a rapid increase in the skill-based pay-to-play amount of players around the world. The company is already making around 5% of its revenue from pay-to-play.

CEO of Nazara Tech, Nitish Mittersain, said that with recent changes in the online skill gaming rules, the more clarity is gained, the company will actively increase its work towards the pay-to-play sector. The closing price for Nazara’s shares on Friday was Rs 560, which shows a slight dip of around 1.5%. The company have also decreased its advertising spending from Rs 47 crore to Rs 52 crore a year ago.

Caption: SocGen, France-based Investment Firm Acquires stakes in Nazara Tech

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