NODWIN to acquire Gaming and Live IPs of OML Entertainment Pvt Ltd

The Board of Directors of NODWIN Gaming Private Limited ("NODWIN"), a material subsidiary of Nazara Technologies Limited at their meeting held on September 17, 2021, has approved the acquisition of Gaming and Live IPs of OML Entertainment Private Limited ("OML") as a going concern on a slump sale basis, for a lump sum cash consideration of Rs.73,00,00,000 (Rupees Seventy Three Crores Only), without values being assigned to individual assets and liabilities as contemplated under the Income Tax Act, 1961, on such terms and conditions as contained in the Agreement to sell and subject to such other approvals / consents as may be necessary from the regulatory / statutory authorities and subject to further conditions that may be imposed by any person or authority while granting such approvals.

In furtherance of the same, Nodwin has entered into an "Agreement to sell" with OML and Mr. Ajay Nair, Managing Director of OML on September 17, 2021 to record the terms and conditions of the acquisition of Gaming and Live IPs of OML.

NODWIN strongly believes that continuous growth in the IP portfolio is central to building a vibrant ecosystem of fans, talent, broadcasters and brands. The addition of some of the largest IPs in India like NH7 weekender is going to accelerate the massification of esports and gaming entertainment across the spectrum of fans and brands.

Shares of Nazara Technologies Limited was last trading in BSE at Rs. 2078 as compared to the previous close of Rs. 2163.15. The total number of shares traded during the day was 29209 in over 3683 trades.

The stock hit an intraday high of Rs. 2181.75 and intraday low of 2020.4. The net turnover during the day was Rs. 61034977.

Source : Equity Bulls

Keywords