Nazara Technologies to further invest in Absolute Sports Pvt Ltd, Brandscale Innovations

The Board of Directors of Nazara Technologies Limited ("the Company"), at its Meeting held on June 17, 2022, has in-principally approved further strategic investment in Absolute Sports Private Limited ("Absolute"), a material subsidiary of the Company, for an amount not exceeding INR 20.10 Crores (Indian Rupees Twenty Crores and Ten Lakhs Only) by way of secondary purchase of its equity shares from Mr. Porush Jain, promoter of Absolute. The proposed investment will further consolidate its holding in a fast growing and highly profitable subsidiary. The aforesaid investment in Absolute is subject to negotiation and agreement on definitive documentation and fulfillment of the certain conditions and receipt of corporate and regulatory approvals required, if any.

The board also approved investment for an amount not exceeding INR 10 Crores (Indian Rupees Ten Crores Only) by way of subscription to Optionally Convertible Debentures, payable in cash, in one or more tranches, in Brandscale Innovations Private Limited ("Brandscale Innovations"). Brandscale Innovations is currently performing exceptionally well and in order to further accelerate their growth, the Company is making the aforesaid proposed investment. This will further consolidate Nazara's Group holding in Brandscale Innovations.

Shares of Nazara Technologies Limited was last trading in BSE at Rs. 1050.55 as compared to the previous close of Rs. 1072.45. The total number of shares traded during the day was 19173 in over 1918 trades.

The stock hit an intraday high of Rs. 1093.40 and intraday low of 1038.35. The net turnover during the day was Rs. 20382506.00.

Source : Equity Bulls

Keywords

NazaraTechnologies INE418L01021 Investment AbsoluteSports BrandscaleInnovations