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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)
The post Nazara Raises Stake In Absolute Sports With INR 73 Cr Investment appeared first on Inc42 Media.
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