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Nazara Technologies, which offers subscription-based activities, e-sports, gamified early learning and gambling, said in an exchange filing on Monday that its board had approved an additional investment of 20.10 crore. ₹ in its hardware subsidiary Absolute Sports Private Limited, which operates the sports news site Sportskeeda. The transaction will be through a secondary purchase of Absolute Sports shares from Porush Jain, the company’s promoter. The agreement is subject to negotiation and agreement on final documentation and fulfillment of certain conditions and receipt of required corporate and regulatory approvals, as applicable.
In addition, Nazara’s board has also approved an investment of up to ₹10 crore in Brandscale Innovations by way of subscription for possibly convertible debentures, payable in cash, in one or more tranches. “Brandscale Innovations is currently performing exceptionally well and in order to further accelerate its growth, the company is making the investment proposed above. This will further consolidate Nazara Group’s stake in Brandscale Innovations,” he said.
In April this year, Nazara subsidiary NODWIN Gaming purchased a 35% stake in Brandscale Innovations for ₹10.01 crore. In addition, in June last year, he acquired a 69.82% stake in Middle East and Turkey-based mobile game publishing agency Publishme for $2.7 million.