Nazara Technology has given notice vide which the Extraordinary- AGM which was originally scheduled on March 30, 2020, is adjourned, and will now be held on Tuesday, April 28, 2020, at 11.00 A.M. through Video Conference along with e-voting facility.
The following business activities will be considered in the AGM.
1. Approval for Reclassification of the Authorised Share Capital of the Company and consequent Alteration of Memorandum of Association.
2. Alteration of the Capital Clause in the Articles of Association of the Company.
3. Offer and Issue of equity shares for consideration other than cash on a private placement basis.
Nazara Technology is the biggest beneficiary of COVID-19 as more and more people are playing games in the lockdown time. Moreover, we have seen after JIO-FB deal, why Mr. Mukesh Ambani is going gung-ho on the gaming industry. So, the future is great for gamers. The more mature market like the USA the gaming industry is growing at a great pace and moreover, gaming is a profession unlike leisure activity in India. So, as more and more youth will take gaming as a profession, the industry will grow exponentially. Below, is the video of Mr. Nitish Mittersain the founder of Nazara Tech with ET Now.
The AGM is going to conduct on 28.04.2020 and is basically happening to raise money from investors. The interesting thing would be looking at what price they will raise funds. Last year, they have done private placement at Rs.729 per share.
Due to recent meltdown in the market, Nazara Technology is currently available in the unlisted market at Rs. 575 per share. The price looks quite decent for game lovers. Check below link for more detail about the share,