Nazara Tech subsidiary increases stake to 51% in Rusk Distribution; Stock gains over 2%

2 Mar 2022 , 09:15 AM

Nodwin Gaming Private Limited, a material subsidiary of Nazara Technologies Limited on February 28, 2022, has acquired 5,100 equity shares of Rs10/- each of Rusk Distribution Private Limited and paid a total consideration of Rs51,000/- to Mayank Yadav and Karanvir Sofat, the existing Shareholders of Rusk Distribution for the same.

Consequently, Nodwin is now holding 51% of the paid-up equity share capital of Rusk Distribution. With this acquisition, Rusk Distribution has become a subsidiary of Nodwin Gaming Private Limited and a step-down subsidiary of the Company effective from February 28, 2022.

During early trade on Wednesday, Nazara Technologies Limited was trading at Rs1760.00 per piece up Rs38.80 or 2.25% on the BSE. 

Rusk Distribution Private Limited is a private limited company incorporated on January 20, 2022. The main objective of Rusk Distribution Private Limited is sale and marketing of advertising spots and solutions in digital content being hosted on Advertising based Video on Demand. Sublicensing of Content Intellectual Properties to Over the Top (OTT) or linear platforms and procuring commissioned content deals from Over the Top (OTT) Linear Platforms.

“The objective of acquisition of Rusk Distribution is to monetisation of digital content across all media distribution platforms and brands,” company said in a filing on Tuesday.