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SVB fall: Nazara Tech says Rs 60 cr successfully shifted to other accounts

Nazara Technologies on Wednesday said that out of Rs 64 crore held by its two step down subsidiaries in Silicon Valley Bank, Rs 60 crore has been successfully transferred

Topics
Nazara Technologies | Silicon Valley | bank defaulters

Press Trust of India  |  New Delhi 



SVB, Silicon valley bank
Photo: Bloomberg

on Wednesday said that out of Rs 64 crore held by its two step down subsidiaries in Bank, Rs 60 crore has been successfully transferred to bank accounts outside of SVB.

The balance Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing.

Nazara informed that both the -- Kiddopia Inc and Mediawrkz Inc -- have been given unrestricted access to the entire amount of USD 7.75 million (Rs 64 crore) that was held at SVB.

"From this amount, a sum of USD 7.25 million (Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of USD 0.5 million (Rs 4 crore) remains in SVB accounts for unrestricted operational use," the company said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Wed, March 15 2023. 14:51 IST

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