Nazara Technologies shines as its arm through subsidiary to acquire stake in Branded Pte
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Nazara Technologies is currently trading at Rs. 535.25, up by 15.90 points or 3.06% from its previous closing of Rs. 519.35 on the BSE.
The scrip opened at Rs. 520.00 and has touched a high and low of Rs. 540.00 and Rs. 518.90 respectively. So far 16309 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 4 has touched a 52 week high of Rs. 884.50 on 06-Apr-2022 and a 52 week low of Rs. 481.95 on 20-Mar-2023.
Last one week high and low of the scrip stood at Rs. 540.00 and Rs. 496.00 respectively. The current market cap of the company is Rs. 3507.56 crore.
The promoters holding in the company stood at 19.14%, while Institutions and Non-Institutions held 16.46% and 64.41% respectively.
Nazara Technologies’ material subsidiary -- Nodwin Gaming through its wholly owned subsidiary ‘Nodwin International Pte’ has signed definitive agreements for the acquisition of 51% of the share capital of Branded Pte, at a consideration of upto $1.3 million, to be paid in cash.
Branded Pte is a Private Company 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, which in aggregate represent up to 51% of the share capital of Branded Pte.
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. and the cash reserves created by way of equity infusion which is proposed to be advanced by Nodwin to Nodwin International Pte.
