India’s gaming and esports company Nazara Technologies Limited on Wednesday announced plans to secure around US$107 million (900 crores rupee) through a preferential equity issue, subject to approvals from shareholders and regulatory authorities.

The funds are designated for strategic acquisitions and business expansion in the gaming and esports sectors.

The equity issue involves several investors, including SBI Mutual Fund and Junomoneta Finsol.

Separately, Nazara has increased its stake in Absolute Sports Pvt. Ltd., the parent company of sports media platform Sportskeeda, acquiring an additional 19.35% for 145.5 crores rupee. Following this transaction, Nazara’s ownership in Absolute Sports stands at 91%.