Nazara Tech Acquires 48.42% Stake In Paper Boat Apps

Nazara Technologies Ltd., on Friday, acquired a 48.42% stake in Paper Boat Apps Pvt., according to an exchange filing on the BSE.

The company bought 5,517 equity shares for Rs 10 each from the founding shareholders, Anupam Dhanuka and Anshu Dhanuka.

According to the sales and purchase agreement, the total amount to be paid to the shareholders for the acquisition by Nazara is Rs 300 crore. The company has already paid Rs 225 crore as the first tranche.

"The remaining balance shall be paid in the manner as outlined in the SPA and an update on the same will be provided in due course," the exchange filing said.

Following the acquisition, Paperboat has become a wholly-owned subsidiary of Nazara Technologies.

The exchange filing stated that Kiddopia Inc., the wholly-owned subsidiary of Paperboat, continues to remain a step-down subsidiary of the firm.

Shares of Nazara Technologies Ltd. closed 2.57% lower at Rs 920.00 apiece on the BSE, compared to a 1.24% decline in the BSE Sensex.