Kiddopia lends Rs 75 Cr to Nazara UK
As per the agreement, Nazara UK will use the funds for business purposes and repayment of its existing loans.
Nazara Technologies UK, a wholly-owned subsidiary of Nazara Technologies, said it has entered a loan agreement with Kiddopia Inc., the wholly-owned subsidiary of Paper Boat Apps.
This internal investment will see Kiddopia disburse Rs 75 crore (about GBP 68,00,000) in one or more tranches to Nazara UK for business purposes and repayment of its existing loans, subject to compliance with the applicable laws, Nazara said in a BSE filing on Tuesday.
Nazara Technologies Ltd owns both Nazara UK and Paper Boat Apps.
Yesterday, Nazara Technologies entered into a share subscription agreement with SBI Funds Management, under its SBI Innovative Opportunities Fund, to raise Rs 220 crore.
As part of this agreement, the company is set to issue 23.5 lakh equity shares to the fund at Rs 954.27 per share, amounting to Rs 220 crore.
Nazara Technologies will issue 94.3 lakh fully paid-up equity shares at an issue price of Rs 954.27 per share. The 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.
Last month, the gaming and sports media company was set to raise approximately Rs 900 crore through a preferential issue of equity shares and acquire an additional 19.35% stake in Absolute Sports Private Limited—the gaming company's subsidiary which owns the popular sports platform, Sportskeeda.
Edited by Suman Singh