Nazara Tech's Dubai subsidiary to invest in Griffin Gaming Partners; Stock ends 1% higher

8 Mar 2022 , 04:20 PM

Nazara Technologies FZ LLC (“Nazara Dubai”), a wholly owned subsidiary of Nazara Technologies Limited has entered into Subscription Agreement & Investor Questionnaire and other related transaction documents with Griffin Gaming Partners II, L.P (the Fund), GGP GP II, LLC (the Fund Manager) on March 07, 2022 for the purpose of purchase of Limited Partner interest in the Fund and admission of Nazara Dubai as Limited Partner in Griffin Gaming Partners II, L.P, for a capital commitment not exceeding USD 4 Millions (approx. Rs30 crore), payable in cash, in one or more tranches.

Nazara Dubai will invest upto USD 1.34 Millions (approx. Rs10 crore) upfront while the balance investment amount of USD 2.66 (approx. Rs20 crore) will be deployed over a period of 3 years.

Griffin Partners Fund II, L.P, (“Griffin” or “Fund”) is a firm prefers to invest in gaming platforms and infrastructure, gaming content, and game studios. Nazara Dubai, with this proposed investment, aims to build network with Limited Partners (“LP”) as well as the Investee Companies of that Fund and to gain access into Global Gaming Ecosystem. Nazara Dubai aims to leverage the Griffin network for the following strategic initiatives:

• Potential partnerships and/ or potential investment into the Company & its subsidiaries.
• Securing deal flow for future M&A from the current portfolio of the funds as well as inflow of deals coming to funds.
• Co-investment opportunities into highly sought after founders/ companies.

On Tuesday, Nazara Tech ended at Rs1,783 per share higher by 1% on the BSE.