Nodwin International Pte Ltd to acquire 51% in Branded Pte Ltd

'Nodwin International Pte. Ltd.', wholly owned subsidiary of Nodwin Gaming Private Limited ("Nodwin"), material subsidiary of Nazara Technologies Limited, has today signed definitive agreements for the acquisition of 51% of the share capital of Branded Pte. Ltd., at a consideration of upto USD 1.3 million, to be paid in cash.

Branded Pte Ltd. is a Private Company Limited by Shares, incorporated in Singapore engaged in Gaming & Sports Entertainment IP business.

The acquisition is proposed by way combination of both primary infusion in Shares and secondary purchase of Shares from the existing shareholder of Branded Pte. Ltd., which in aggregate represent up to 51% of the share capital of Branded Pte Ltd.

The proposed acquisition is subject to fulfilment of certain customary conditions precedent and other terms and conditions as set forth in the definitive agreements. The acquisition is being funded out of internal cash reserves of Nodwin International Pte. Ltd and the cash reserves created by way of equity infusion which is proposed to be advanced by Nodwin to Nodwin International Pte Ltd.

Shares of Nazara Technologies Limited was last trading in BSE at Rs. 519.35 as compared to the previous close of Rs. 516.50. The total number of shares traded during the day was 19415 in over 1371 trades.

The stock hit an intraday high of Rs. 523.55 and intraday low of 517.00. The net turnover during the day was Rs. 10093471.00.

Source : Equity Bulls

Keywords

NazaraTechnologies INE418L01021 NodwinInternational NodwinGaming Acquisition Branded