Nazara Technologies Limited, a gaming firm, has been declared the successful bidder for acquiring Smaaash Entertainment Private Limited through the corporate insolvency resolution process. The Committee of Creditors (CoC) of Smaaash approved Nazara’s resolution plan on August 7, 2024.
Nazara Technologies Limited shares were trading at ₹912.30, up by 2.15 points (0.24 epr cent) on the BSE, and ₹911.85, up by 6.30 points (0.70 per cent) on the NSE at 9:30 am.
Nazara received a Letter of Intent from Smaaash’s Resolution Professional, confirming its status as the “Successful Resolution Applicant.” The acquisition is subject to approvals from the National Company Law Tribunal and other regulatory authorities.
Smaaash, a sports entertainment company specializing in sports simulation and gamification technologies, was admitted to insolvency proceedings in May 2022 following a default of ₹292.4 crore to Edelweiss Asset Reconstruction Co. The company operates 30 centres across India, offering attractions like twilight bowling, motor racing, and go-karting.
The insolvency process began with claims worth ₹426.26 crore admitted from creditors including Edelweiss ARC, Mabella Investment Advisors, SIDBI, and Yes Bank. Nazara Technologies had submitted its resolution plan by March 9, 2024, as part of the bidding process.
This development comes after Smaaash faced financial difficulties during the Covid-19 pandemic but showed signs of recovery once restrictions were lifted. The acquisition by Nazara Technologies could potentially revive the bankrupt firm and its operations.
Nazara Technologies will provide further updates on the acquisition as the process moves forward, pending final approvals and regulatory clearances.