Nazara Technologies completes investment of Rs 10 cr in Paper Boat Apps

Nazara Technologies has completed the acquisition of equity stake in Paper Boat Apps for a total consideration of Rs 9,99,99,950 on 20 April 2022, on achieving the target revenue as provided under third closing of the investment agreement in 2019.

With this, the acquisition of equity shares under third closing of the investment agreement as of 11 October 2019 is completed, the company stated.

On 14 April 2022, Nazara Technologies had approved a further investment in Paper Boat Apps, a material subsidiary of the company, for an amount not exceeding Rs 10 crore by way of secondary purchase of its equity shares pursuant to the investment agreement as of 11 October 2019 and amendments thereto, entered by and between the company, Paper Boat Apps and Anupam Dhanuka and Anshu Dhanuka.

Meanwhile, in a separate exchange filing, the company has also announced that Nodwin Gaming, a material subsidiary of Nazara Technologies, has completed the acquisition of 35% stake, on fully diluted basis, of Brandscale Innovations by way of subscription of 567 equity shares having a face value of Rs 100 each for a total consideration of Rs 10,01,60,550 on 22 April 2022.

The company's consolidated net profit declined 16.67% to Rs 8.50 crore on a 42.48% rise in sales to Rs 185.80 crore in Q3 FY22 over Q3 FY21.

Shares of Nazara Technologies shed 1.39% to close at Rs 1,542 on BSE. Nazara Technologies is one of the leading mobile games companies. It is India's leading diversified gaming and sports media platform with a presence across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, eSports, and gamified early learning ecosystems.

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