Nazara Technologies Subsidiary Fully Acquires Trinity Gaming India
Nazara had announced its plans to infuse Rs 196 crore in five companies as part of its strategy to improve its standing across the gaming and entertainment ecosystems.
Nodwin Gaming Pvt., a wholly owned subsidiary of Nazara Technologies Ltd., has acquired Trinity Gaming India Pvt. for Rs 24 crore, according to an exchange filing on Friday.
The sale took place as per the share purchase agreement signed between Nodwin, Trinity and its founders Abhishek Aggarwal and Shivam Rao. Out of the total amount, Rs 4.8 crore has been paid in cash, while the remaining Rs 19.2 crore was paid by issuing 1,036 equity shares of Nodwin to the sellers, it said.
With this acquisition, Nodwin now holds 100% of the equity share capital of Trinity, which has become a wholly owned subsidiary of Nodwin and a step-down subsidiary of Nazara, according to the filing.
On Dec. 2, Nazara announced its plans to infuse Rs 196 crore in five companies as part of its strategy to improve its standing across the gaming and entertainment ecosystems.
The gaming and sports media company's board of directors approved a proposal to acquire stakes in Funky Monkeys Play Centre Pvt., BeNinja Solutions Pvt., Nodwin, Datawrkz Business Solutions Pvt. and Absolute Sports Pvt.
"Nazara is committed to building the largest diversified gaming and entertainment platform out of India and many of our initiatives announced today are geared towards propelling profitable growth in these strategic areas of our interest," Chief Executive Officer Nitish Mittersain had said.
Shares of Nazara Technologies closed 0.13% lower at Rs 1002.50 apiece on the National Stock Exchange, compared to a 0.89% rise in the benchmark Nifty. The stock has risen 17.03% on a year-to-date basis.
Six out of the 11 analysts tracking the company have a 'buy' rating on the stock, one recommends 'hold' and four suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 0.7%.
