Nazara Technologies shares gain 4% on acquiring 100% stake in game marketing agency

The company’s Singapore subsidiary of NODWIN Gaming has acquired full control of game marketing agency PublishME.

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Nazara Technologies share price gained 4 percent in the early trade on October 5 after the company’s subsidiary acquired 100 percent stake in game marketing agency.

At 09:26 hrs Nazara Technologies was quoting at Rs 858.50, up Rs 35.05, or 4.26 percent on the BSE.

The company’s Singapore subsidiary of NODWIN Gaming has acquired full control of game marketing agency PublishME for a sum of USD 2 million from its existing shareholders Nazara Technologies Limited and Ozgur Ozalp.

“This strategic acquisition not only brings in a host of new opportunities but also paves the way for a multitude of fresh possibilities for us as a leading gaming and esports media company,” said Akshat Rathee, Co-Founder and Managing Director, NODWIN Gaming.

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The company has executed a share subscription agreement with SBI Funds Management Limited, as asset management company of SBI Mutual Fund with respect to its schemes, namely SBI Multicap Fund, SBI Magnum Global Fund and SBI Technology Opportunities Fund, for the issuance and allotment of 57,42,296 equity shares at a price of Rs 714 per equity share, aggregating to Rs 4,099,999,344 to the proposed allottees, for cash, on a preferential basis.

In September, the company received a tax demand of Rs 2.83 crore along with interest under section 50 of CGST along with a penalty from the Director General of GST Intelligence, Mumbai. The action is with respect to the export of services under LUT without realisation of export proceeds.