The shares of Nazara Technologies Limited were trading at ₹963, down by ₹4.15 or 0.43 per cent on the NSE today at 11:15 am.
Nazara Technologies Limited, an Indian gaming company, continues its expansion strategy with two significant moves announced this month. On August 21, 2024, Nazara revealed plans to invest up to £21.2 million (approximately ₹229.4 crore) in its UK subsidiary to finance the acquisition of Fusebox Games Ltd.
The investment comprises a share subscription of £4,236,246 (~₹45.9 crore) and a loan of up to £16,944,985 (~₹183.5 crore). These funds are intended to finance Nazara UK’s acquisition of Fusebox Games Ltd., a deal previously disclosed on August 8, 2024.
The share subscription agreement and loan agreement were both signed on August 21, 2024. Nazara UK, incorporated on July 31, 2024, has yet to commence business operations. The company stated that these transactions are exempt from related party transaction rules as they involve a wholly-owned subsidiary.
This announcement follows Nazara’s earlier disclosure on August 8, 2024, that it had been declared the “Successful Resolution Applicant” in the Corporate Insolvency Resolution Process of Smaaash Entertainment Private Limited. The Committee of Creditors approved Nazara’s resolution plan for Smaaash, a company undergoing insolvency proceedings.