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Nazara Technologies Secures Rs 75 Crore Loan from Kiddopia and Raises Rs 220 Crore via Share Subscription Agreement with SBI Fund
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ByStartupStory | October 23, 2024
Nazara Technologies UK, a wholly-owned subsidiary of Nazara Technologies, has entered into a loan agreement with Kiddopia Inc., the wholly-owned subsidiary of Paper Boat Apps, according to a recent BSE filing. As part of this internal investment, Kiddopia will disburse Rs 75 crore (approximately GBP 68,00,000) to Nazara UK in one or more tranches. The funds will be used for business purposes and the repayment of existing loans, in compliance with applicable laws.
In a major development, Nazara Technologies Ltd, which owns both Nazara UK and Paper Boat Apps, also entered into a share subscription agreement with SBI Funds Management under its SBI Innovative Opportunities Fund to raise Rs 220 crore. The company will issue 23.5 lakh equity shares at Rs 954.27 per share as part of this agreement, amounting to Rs 220 crore.
Nazara Technologies stated, “We will issue 94.3 lakh fully paid-up equity shares at an issue price of Rs 954.27 per share. These equity shares are being offered to identified non-promoter investors, including SBI Innovative Opportunities Fund, Junomoneta Finsol Private Limited, Caratlane founder Mithun Sacheti, and others.”
This capital infusion follows the gaming and sports media company’s earlier announcement to raise approximately Rs 900 crore through a preferential issue of equity shares. Additionally, Nazara Technologies plans to acquire an additional 19.35% stake in its subsidiary, Absolute Sports Private Limited, which operates the popular sports platform, Sportskeeda.
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