Nazara Technologies Ltd. announced on Friday that it would acquire an additional 48.42% stake in subsidiary Paper Boat Apps Pvt. from its promoters for Rs 300 crore.
The company will obtain 5,157 shares at Rs 10 apiece of Paper Boat from Anupam Dhanuka and Anshu Dhanuka. It entered into a share purchase agreement with the founding shareholders and Paperboat for the acquisition and document the terms and conditions, and related matters, according to an exchange filing on Friday.
After the acquisition, Nazara will hold a 100% stake in Paperboat and it will become a wholly owned subsidiary of the company. Kiddopia Inc., a subsidiary of Paperboat, will continue to remain the step-down subsidiary of the sports media provider, it said.
On Wednesday, Nazara said two of its subsidiaries — Openplay Technologies and Halaplay Technologies — received demand notices for goods and services tax worth Rs 1,120 crore.
On the NSE, Nazara's stock fell as much as 1.5% during the day to 913.30 apiece on the NSE. It was trading 1.34% lower at Rs 914.80 per share, compared to a 0.7% decline in the benchmark Nifty at 12:42 p.m.
The share price has risen 37.93% in the last 12 months and 6.83% on a year-to-date basis. The total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 61.89
Six out of the 11 analysts tracking the company have a 'buy' rating on the stock, four recommend 'hold' and one suggests 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 14.5%.
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