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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 to bank accounts outside of SVB.
The balance of Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing.
Nazara informed that both the companies -- 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.
The abrupt failure of SVB last week had left many startups, tech companies, entrepreneurs and VC funds nervous and jittery about their deposits.
SVB was deeply entrenched in the tech startup ecosystem and the default bank for many high-flying startups. Its abrupt fall marked one of the largest bank failures since the 2008 global financial crisis.
US Treasury Secretary Janet Yellen had approved actions enabling the FDIC to complete its resolution of SVB in a manner that fully protects all depositors.
Federal regulators stepped to back all SVB deposits.
Minister of State for IT Rajeev Chandrasekhar on Tuesday said the ministry will take up the woes of Indian startups impacted by the SVB collapse with the finance ministry to help them navigate through the crisis and address the immediate liquidity crunch they are facing.
(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. 22:27 IST
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