Nazara to Acquire 33% Stake in Datawrkz, Marketing & Advertising News, ET BrandEquity

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Digital sports and games company Nazara Technologies will acquire a 33% stake in Datawrkz Business Solutions, the company announced in a regulatory filing on Friday. In addition to this, the board of directors of Nazara Technologies has approved an investment of up to Rs 30 crore in its Next Wave Multimedia subsidiary.

The Board of Directors has approved the issuance of approximately 1.1 lakh shares at an issue price of Rs 2,260 each aggregating approximately Rs 24.99 crore for the acquisition of 22,499 shares of Datawrkz Business on a preferential basis, said Nazara Technologies.

“Following the completion of this acquisition, the company will hold a 33% equity interest on a fully diluted basis in Datawrkz Business Solutions Private Limited,” the filing said.

Nazara Technologies’ board has also doubled the company’s lending or investment limit in any entity to Rs 1,000 crore from Rs 550 crore earlier.

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