Nazara Technologies' board approves five investments worth Rs 196 cr

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Nazara Technologies' board approves five investments worth Rs 196 cr - Business Standard

Quick Summary:

Gaming and sports media firm Nazara Technologies' board has approved five investments worth Rs 196 crore, including 100 per cent acquisition of stake in Sportskeeda owner firm Absolute Sports, the company said in a regulatory filing on Monday.

Of the total Rs 196 crore, Nazara will invest Rs 148 crore in existing subsidiaries, including Sportskeeda, Nodwin Gaming, and Datawrkz, to increase its ownership in them and support their growth.

The company will invest Rs 69 crore to purchase shares arising from exercise of ESOPs from the Sportskeeda management to increase its stake to 100 per cent in the company, making it a wholly owned subsidiary.