Nikhil Kamath stock in focus after acquiring 93% stake in AFK Gaming Ltd

Nikhil Kamath’s stock involved in gaming and sports media platform has garnered attention following its acquisition of a 93 percent stake in AFK Gaming for Rs.7.6 crore. The deal, executed through a mix of cash and stock, positions AFK Gaming as a key asset under Kamath’s investment portfolio, highlighting his interest in the growing esports and gaming sector. 

Price Movement 

In Thursday’s trading session, Nazara Technology Ltd’s shares opened at a flatter note of Rs.1035.00 per share, falling from its previous close of Rs.1051.20 each. The shares have retreated since then and currently trading at Rs.1,033.15 per share. 

What is the news 

NODWIN Gaming, a subsidiary of Nazara Technologies, has acquired a 93 percent stake in AFK Gaming Pvt. Ltd., a gaming and esports media company, for Rs.7.6 crore through a mix of cash and stock. 

This acquisition makes AFK Gaming a fully owned subsidiary and adds to NODWIN’s esports content production, marketing, and PR capabilities. AFK’s founders will join NODWIN’s various verticals while continuing to operate their agency business, Max Level, and the B2B newsletter, Pixel P&L. 

NODWIN, which initially invested in AFK Gaming in 2017, has now consolidated full ownership through this transaction. 

Management Commentary 

Akshat Rathee, Co-Founder of NODWIN Gaming, commented, “I have known Nishant, Sid, and Rakesh since the inception of AFK Gaming. We have built respect for each other over time by butting heads, competing, collaborating, and supporting each other when there was little hope. 

I have learned to admire their ability to persevere, pivot and be true to the fan. This focus is to be treasured. As we come together as one group, I welcome them as shareholders of NODWIN Gaming and as leaders in our group. I look forward to the many missions we will pick up and go on together.” 

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Shareholding Pattern 

As per the November 2024 shareholding pattern, the promoters of Nazara Technologies Limited hold a 9.00 percent stake, while Foreign Institutional Investors hold a 10.99 percent stake. 

Domestic Institutional Investors and Retail investors hold a stake of 13.32 percent and 66.68 percent, respectively in the company. Nikhil Kamath owns a 1.76 percent stake in Nazara Technologies Ltd.

Financials 

For the quarter ended September 2024, Nazara Technologies Limited reported revenue from operations of Rs.319 crore, a 7.4 percent rise compared to Rs.297 crore in Q2 FY24. Net profit stood at Rs.16 crore, marking a 33 percent decline from Rs.24 crore in the same period. 

About the company 

Nazara Technologies is India’s only listed gaming and esports company, with majority ownership of several leading gaming and esports brands with a presence in India, the US, and other global markets. 

Written by – Siddesh S Raskar 

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