Nazara Technologies Secures INR 75 Cr Loan from Kiddopia Kiddopia will disburse INR 75 crore (approximately GBP 6.8 million) to Nazara UK in one or more tranches. This internal funding is earmarked for business purposes and the repayment of existing loans, all in accordance with applicable laws.
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Nazara Technologies UK, a wholly-owned subsidiary of Nazara Technologies, has entered into a loan agreement with Kiddopia Inc., the subsidiary of Paper Boat Apps, according to a recent BSE filing.
Kiddopia will disburse INR 75 crore (approximately GBP 6.8 million) to Nazara UK in one or more tranches. This internal funding is earmarked for business purposes and the repayment of existing loans, all in accordance with applicable laws.
This move comes alongside a significant capital infusion for Nazara Technologies Ltd. The gaming and sports media platform has entered into a share subscription agreement with SBI Funds Management, under its SBI Innovative Opportunities Fund to raise INR 220 crore. Nazara will issue 23.5 lakh equity shares at INR 954.27 per share as part of this deal.
Nazara Technologies disclosed in its statement, "We will issue 94.3 lakh fully paid-up equity shares at an issue price of INR 954.27 per share. These equity shares are being offered to identified non-promoter investors, including SBI Innovative Opportunities Fund, Junomoneta Finsol Private Limited, Caratlane founder Mithun Sacheti, and others."
This fundraising follows Nazara's earlier announcement to raise INR 900 crore via a preferential issue of equity shares. Additionally, the company is expanding its stake in its subsidiary, Absolute Sports Private Limited, by acquiring an additional 19.35%. Absolute Sports operates the popular sports platform, Sportskeeda, further cementing Nazara's growth in the sports media industry.
