Nazara Technologies Limited informs the Exchange regarding Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Update on acquisition of equity shares of Next Wave Multimedia Private Limited, a subsidiary of the Company.
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Nazara Technologies has acquired 1,396 additional equity shares of its subsidiary Next Wave Multimedia Private Limited from the founding shareholders, increasing its holding from 83.25% to 87.44%. The shares were acquired at a total consideration of approximately INR 2.5 crore (INR 2,50,02,985), based on the Share Purchase Agreement signed on May 24, 2024. This is a follow-up purchase as part of an existing arrangement with the sellers (Mr. P.R Rajendran, Ms. R Kalpana, and Ms. P.R Jayashree). The acquisition consolidates Nazara's control over Nextwave without making it a wholly-owned subsidiary.
This is a minor step-up acquisition of an already-controlled subsidiary, so it has limited impact on shareholders. The small cash outflow (around INR 2.5 crore) is immaterial relative to Nazara's size, and the increase in ownership slightly boosts the parent's claim on Nextwave's future earnings.