Nazara Raises Stake In Absolute Sports With INR 73 Cr Investment

Nazara has picked up an additional 10.26% stake in 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

Notably, this transaction is a part of a Share Purchase Agreement (SPA)

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)