Gaming and sports media platform Nazara Technologies Ltd’s board has given an in-principle approval to Halaplay Technologies Pvt Ltd, a subsidiary of the company, to raise ₹18.02 crore.
The company would look at raising the amount by issuance of shares in one or more tranches to the identified investors. Post the completion of the transaction, the stake of the company in Halaplay will be diluted to 64.70 per cent from 74.02 per cent, Nazara Technologies said in a statement.
Further, there is no change in the management and control of Halaplay upon completion of the transaction, it added.
Further, the company has also entered into a share purchase agreement on Thursday to acquire an additional 1.40 per cent stake in Absolute Sports Private Ltd ₹96.16 lakh. Post completion of the transaction, the stake of the company in the company will rise to 65.30 per cent from 63.90 per cent.