The gaming and sports media company announced that it has acquired 5,157 equity shares of Rs 10 each, representing 48.42% of the equity share capital of Paper Boat Apps, from its founding shareholders, Anupam Dhanuka and Anshu Dhanuka.
The total deal is worth Rs 300 crore, with Rs 225 crore paid as the first installment.
The remaining balance shall be paid in the manner as outlined in the SPA and an update on the same will be provided in due course, said the company.
With this acquisition, Paperboat has now become a wholly-owned subsidiary of the company, and Kiddopia Inc., the wholly owned subsidiary of Paperboat, continues to remain a step-down subsidiary of the company, the firm stated in the press release.
On 19 July 2024, Nazara Technologies had announced the acquisition of additional 48.42% stake in Paper Boat Apps for Rs 300 crore. The company had first acquired 50.91% stake in Paper Boat Apps in 2019.
Nazara Technologies is a diversified gaming & sports media platform with presence in India and across emerging & developed global markets such as Africa and North America. It has offerings across the interactive gaming, eSports, ad-tech and gamified early learning ecosystems including World Cricket
The gaming and sports media company's consolidated net profit (from continuing operations) increased 13.23% to Rs 23.62 crore in Q1 FY25 from Rs 20.86 crore reported in Q4 FY23. Revenue from operations stood at Rs 250.08 crore in Q1 FY25, down 1.71% from Rs 254.43 crore reported in the same period a year ago.
Shares of Nazara Technologies rose 0.65%% to Rs 925.95 on the BSE.
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