Nazara Technologies Ltd.'s subsidiary will fully acquire Comic Con India Pvt. for approximately Rs 55 crore.
Nodwin Gaming Pvt. will acquire 6,504 equity shares of Rs 100 apiece, representing 100% equity share capital of Comic Con on a fully diluted basis, according to an exchange filing on Wednesday.
Nazara will pay Rs 27.5 crore in cash and the rest via swap of shares. The transaction will be completed within 90 days, the games portal said.
The integration of Comic Con will diversify Nodwin's offerings, with the continued intersection of gaming, pop culture and esports into an interactive entertainment sector, Nazara said.
Nazara's stock rose as much as 2.25% during the day to Rs 907.80 apiece on the NSE. It was trading 0.38% higher at Rs 891.25 per share, as compared with a 0.85% advance in the benchmark Nifty 50 as of 2:49 p.m.
The share price has gained 40.75% in the last 12 months. The relative strength index was at 52.20.
Five out of 12 analysts tracking the company have a 'buy' rating on the stock, six recommend 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 5.9%.
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