Nazara Technologies Limited informs the Exchange regarding Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Update on acquisition of equity shares of Moonshine Technology Private Limited
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Nazara Technologies has issued a notice of termination to I3 Interactive Inc to cancel its proposed acquisition of the remaining 0.96% equity stake (38,073 shares) in Moonshine Technology Private Limited for approximately Rs. 15.90 Crores. The termination follows the enactment of the Promotion and Regulation of Online Gaming Act, 2025, which came into effect on August 22, 2025, and which Nazara considers a Material Adverse Event under the original Share Purchase Agreement dated September 12, 2024. The Act prohibits online real money gaming, including real money poker, directly impacting Moonshine's business. The SPA will stand terminated 30 days after I3 Interactive Inc receives the notice, ending all rights and obligations under the deal.
Nazara saves about Rs. 15.90 Crores by walking away from a now-risky gaming acquisition, which is a prudent capital allocation move. However, the announcement also signals broader regulatory headwinds from the new Online Gaming Act for Nazara's real money gaming portfolio, which could weigh on investor sentiment.