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Nazara Technologies Limited, a prominent gaming and sports media company in India, has appointed Arun Gupta, a strategic mergers and acquisitions (M&A) consultant, to its board as an additional director.
Previously, Arun Gupta- a strategic M&A consultant and non-executive director at fintech SaaS startup Zaggle, as an additional director for a five-year term, according to an exchange filing. With over 30 years of experience in investment banking, media, gaming, animation, education, and IT, Gupta has also worked with startups like Rebel Foods, Biryani By Kilo, Darwinbox, Clovia, and Vedix as a board member or investor.
The company also announced Arun Bhandari as its new company secretary and compliance officer, replacing interim executive Krunal Wala, whose term ended on December 17.
During its board meeting on Tuesday, Nazara made decisions related to its acquisitions, including extending the timeline for its largest acquisition—Pokerbaazi—until December 31. Nazara plans to acquire a 47.02% stake in Pokerbaazi and has signed a call option agreement with its parent company, Moonshine Technology, to purchase up to 1% of its share capital for up to ₹25 Cr.
Read more - Nazara Backed Paper Boat Apps Ties With Moonbug
Nazara will acquire 18.69 Cr fully paid-up equity shares of Moonshine Technology through a combination of cash and share swap. The cash component will amount to ₹624.22 Cr, while the share swap will be worth ₹195.90 Cr.
Nazara Technologies has signed an agreement to acquire a 47.7% stake in Moonshine Technology for ₹831.5 Cr. The company’s board also approved an additional investment of up to ₹150 Cr in Pokerbaazi, bringing the total value of the deal to ₹982 Cr. On Tuesday, Nazara’s board also extended the deadline for completing its acquisition of a 22% stake in Bengaluru-based adtech company Datawrkz to January 31, 2025. The company will acquire 14,999 equity shares of Datawrkz by the end of January 2025 for ₹21 Cr, with payment made in one or more installments.
Earlier, Nazara announced that its subsidiary, Paper Boat Apps, had signed a deal with Moonbug Entertainment to expand offerings for its children’s app, Kiddopia. In another move, Nazara revealed it had purchased 1,000 equity shares of Nextwave Multimedia for ₹2.3 Cr, increasing its stake in the World Cricket Championship mobile game developer from 71.88% to 74.88%.
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