Nazara Technologies Ltd updates on transfer of stake in Publishme

Nodwin Gaming International Pte Ltd. (Nodwin Singapore), wholly owned subsidiary of Nodwin Gaming Private Limited, material subsidiary of the Company, has entered into a Share Sale & Termination Agreement ("the Agreement") with Nazara Technologies FZ LLC (Nazara Dubai), wholly owned subsidiary of the Company, and Publishme Global FZ LLC (PublishMe), subsidiary of Nazara Dubai and Mr. Ozgur Ozalp, founder shareholder of PublishMe for the purpose of acquisition of 100% stake of Publishme in the below manner:

1. purchase of 82.81% stake of Publishme through secondary purchase from Nazara Dubai for a consideration aggregating to USD 2 mn, payable in cash;

2. purchase of balance 17.19 % stake of Publishme through secondary purchase from Mr. Ozgur Ozalp for an aggregate consideration of USD 1, payable in cash.

Further, the Shareholders Agreement dated September 20, 2021 entered amongst the PublishMe, Nazara Dubai and other shareholders shall stand terminated from the termination date as defined in the Agreement.

Post completion of the aforesaid transaction, PublishMe shall ceased to be a subsidiary of Nazara Dubai and shall become the wholly owned subsidiary of Nodwin Singapore and step-down subsidiary of both Nodwin and Company. Further, Arrakis Tanitim Organizasyon Pazarlama San. Tic. Ltd. Sti., Turkey ("Arrakis"), wholly owned subsidiary of Publishme, will also become the step-down subsidiary of both Nodwin Singapore, Nodwin and Company. Thus, the Company through its step down subsidiary i.e. Nodwin Gaming International Pte Ltd, will hold 52.71% stake in Publishme on non-diluted basis.

Shares of Nazara Technologies Limited was last trading in BSE at Rs. 834.80 as compared to the previous close of Rs. 835.30. The total number of shares traded during the day was 10259 in over 469 trades.

The stock hit an intraday high of Rs. 846.85 and intraday low of 829.00. The net turnover during the day was Rs. 8585405.00.

Source : Equity Bulls

Keywords

NazaraTechnologies INE418L01021 PublishMe NodwinSingapore