Nazara Raises Stake In Absolute Sports With INR 73 Cr Investment

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SUMMARY

Nazara has picked up an additional 10.26% stake in Absolute Sports for INR 72.73 Cr (around $8.4 Mn)

With this transaction, the gaming major has increased its total stake to 81.94% in the subsidiary

Notably, this transaction is a part of a Share Purchase Agreement (SPA)

Gaming major Nazara Technologies has picked up an additional 10.26% stake in its subsidiary Absolute Sports for INR 72.73 Cr (around $8.4 Mn)

With this transaction, the gaming major has increased its total stake to 81.94% in the subsidiary, said the company in a release. 

“…. the Company (Nazara) has acquired 21,830 equity shares of INR 1 each, representing 10.26% of the equity share capital of Absolute, from its founding shareholders,” the company added.

Notably, this transaction is a part of a Share Purchase Agreement (SPA) inked between Nazara, Absolute Sports and its founding shareholders Porush Jain and Srinivas Cuddapah in September. Under this agreement, Nazara will acquire a 19.35% stake in Absolute Sports for INR 145.47 Cr.

While this all-cash transaction is the first tranche, the balance amount will be paid in the second tranche, the company added.

(The story will be updated soon)





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Nazara Raises Stake In Absolute Sports With INR 73 Cr Investment


SUMMARY

Nazara has picked up an additional 10.26% stake in Absolute Sports for INR 72.73 Cr (around $8.4 Mn)

With this transaction, the gaming major has increased its total stake to 81.94% in the subsidiary

Notably, this transaction is a part of a Share Purchase Agreement (SPA)

Gaming major Nazara Technologies has picked up an additional 10.26% stake in its subsidiary Absolute Sports for INR 72.73 Cr (around $8.4 Mn)

With this transaction, the gaming major has increased its total stake to 81.94% in the subsidiary, said the company in a release. 

“…. the Company (Nazara) has acquired 21,830 equity shares of INR 1 each, representing 10.26% of the equity share capital of Absolute, from its founding shareholders,” the company added.

Notably, this transaction is a part of a Share Purchase Agreement (SPA) inked between Nazara, Absolute Sports and its founding shareholders Porush Jain and Srinivas Cuddapah in September. Under this agreement, Nazara will acquire a 19.35% stake in Absolute Sports for INR 145.47 Cr.

While this all-cash transaction is the first tranche, the balance amount will be paid in the second tranche, the company added.

(The story will be updated soon)





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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