Shares of Nazara Technologies Ltd. surged by 3% to touch a day’s high of Rs 950 on 8th August, after the company received a letter of intent for the buyout of Smaaash Entertainment, which is undergoing an insolvency process.

Nazara Technologies’ resolution plan has been approved by the Committee of Creditors for Smaaash Entertainment Private Limited, as part of the on-going Corporate Insolvency Resolution Process (CIRP).

The company received a Letter of Intent (LoI) yesterday, from Smaaash Entertainment’s resolution professional; confirming it has been selected as the successful resolution applicant.

The resolution plan is contingent on the terms outlined in the letter and requires approval from the National Company Law Tribunal and other regulatory authorities.

On 6th August, the company announced that its subsidiary, Absolute Tech, had acquired the assets of DeltiasGaming.com to strengthen its presence in the U.S. gaming content publishing market.

Absolute Tech agreed to buy assets from DeltiasGaming.com for $900,000 (Rs 7.5 crore) in cash, to be paid in instalments. The deal is expected to close within 45 days.

DeltiasGaming.com earned $575,000 (Rs 4.8 crore) in revenue for the year ending June 2024. Absolute Sports plans to use Deltias’ 1.5 million monthly readers and its YouTube and Twitch audiences to enhance its presence in the gaming sector.

Nazara Technologies Ltd. has shown a positive stock trend as its shares have appreciated more than threefold in one year, which amounts to 36.33% growth; the stock rose 6.91% YTD. During the past six months, the share price rose by 5.5%, while in three months, it gained 44.76%.

At 1:33 PM, the shares of Nazara Technologies were trading 2.21% higher at Rs 930.30 on BSE.

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