Nazara Technologies Limited informs the Exchange regarding 'Intimation under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Update'.
NAZARA · price
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The National Company Law Tribunal (NCLT), Mumbai Bench, has approved Nazara Technologies' Resolution Plan for the acquisition of Smaaash Entertainment Private Limited, which was undergoing Corporate Insolvency Resolution Process since May 2022. The total Resolution Plan value is Rs. 126 crores, backed by a Rs. 20 crore performance guarantee from Standard Chartered Bank. The plan was earlier approved by 99.59% of the Committee of Creditors in July 2024. Under the plan, secured financial creditors will receive about 29.27% recovery of their admitted claims (Rs. 426.94 crores total), while employees will receive full dues of Rs. 44.22 lakhs. Nazara has strong financial capacity with a net worth of Rs. 1,316 crores and cash balance of Rs. 329 crores as of March 2023 to fund the acquisition.
This is a positive milestone for Nazara Technologies as it clears the way for completing the acquisition of Smaaash Entertainment, expanding its gaming and entertainment portfolio. The acquisition is expected to be completed within 30 days of the effective date, and shareholders should monitor implementation progress over the coming weeks.