Nazara Technologies Subsidiary Acquires Game Marketing Agency, Shares Rise 4%

5 Oct 2023 , 01:23 PM

Nazara Technologies’ stock price rose by 4% in early trade on October 5 due to its subsidiary’s acquisition of a game marketing agency. In the early trade, Nazara Technologies was trading at Rs 858.50, up by Rs 35.05 (4.26%) on the BSE.

NODWIN Gaming, the Singapore subsidiary of Nazara, acquired a 100% stake in PublishME for USD 2 million from existing shareholders Nazara Technologies Limited and Ozgur Ozalp. This strategic move opens up new opportunities for the gaming and esports media company.

SBI Funds Management Limited entered into a share subscription agreement with Nazara for the issuance of 57,42,296 equity shares at Rs 714 per share, totaling Rs 4,099,999,344, on a preferential basis. In September, Nazara Technologies received a tax demand of Rs 2.83 crore, including interest and a penalty, related to the export of services under LUT without the realization of export proceeds.

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