Shares of Nazara Technologies surged 19 per cent to Rs 623.95 on the BSE on Friday on the back of heavy volumes after the stock turned ex-date for a 1:1 bonus share issue.
The stock recovered 29 per cent from its record low level of Rs 484 touched on Wednesday, June 22. It had hit an all-time high of Rs 1,677 on October 11, 2021. Nazara had made a stock market debut on March 30, 2021. The company issued shares at price of Rs 550.50 per share (adjusted to bonus shares).
Despite recovering from its 52-week low level, Nazara has underperformed the market by falling 29 per cent, as compared to a 9 per cent decline in the Sensex in past three months. In the last six months, it has tanked 46 per cent as against an 8 per cent fall in the benchmark index.
At 01:34 pm; the stock was trading 17 per cent higher at Rs 610.05, as compared to a 0.66 per cent rise in the S&P BSE Sensex. A combined 1.62 million equity shares had changed hands on the NSE and BSE. An average sub 150,000 shares were trading pre-bonus.
Nazara Technologies 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 1 new fully paid up equity share of Rs 4 each for every 1 fully paid up existing equity share of Rs 4 each held.
The board of directors of the company at their meeting held on May 13, 2022 recommended the bonus issue.
Nazara is India-based diversified gaming and sports media platform with a presence in India and across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, Esports and gamified early learning ecosystems.
The company owns some of the most recognizable IP, including WCC and CarromClash in mobile games, Kiddopia in gamified early learning, NODWIN and Sportskeeda in Esports and Esports media, and Halaplay and Qunami in skill-based, fantasy and trivia games.