Nazara Technologies’ shares rose over 5 per cent on Thursday after the company’s Singapore-based subsidiary acquired 100 per cent stake in game marketing agency, PublishME.
The company’s Singapore unit NODWIN Gaming bought the stake for $2 milion from the existing shareholders Nazara Technologies and Ozgur Ozalp.
At 01:25 PM IST, Nazara Technologies was trading around Rs.868, up more than 5 per cent on the NSE.
"This strategic acquisition not only brings in a host of new opportunities but also paves the way for a multitude of fresh possibilities for us as a leading gaming and esports media company," stated Akshat Rathee, Co-Founder and Managing Director, NODWIN Gaming.
Nazara Tech has signed a share subscription agreement with SBI Funds Management Limited, the asset managemet company for SBI Mutual Fund and manages schemes like SBI Multicap Fund, SBI Technology Opportunities Fund and SBI Magnum Global Fund.
Under this agreement, 57,42,296 equity shares worth Rs 4,099,999,344, at Rs 714 per share, will be issued and allotted to proposed recipients on the preferential basis.
In September, the company received a GST notice of Rs 2.83 crore, including interest under section 50 of CGST, from the Director General of GST Intelligence in Mumbai. It also faced a penalty after the company’s export of services under LUT without receiving the exports proceeds.
PublishME will change its name to NODWIN Gaming in the Middle East while preserving the PublishME identity within its original market in Turkey. The company's founder, Ozgur Ozalp, will take the role of CEO at NODWIN Gaming Dubai, as per a regulatory filing. The company specializes in curating communications strategies to connect prospective brands with gamers.