Nazara Tech Says Rs 60 Crore Successfully Shifted From Silver Valley Bank To Other Bank Accounts

Nazara Technologies today said that out of Rs 64 crore held by its two-step down subsidiaries in Silicon Valley Bank, Rs 60 crore has been successfully transferred to bank accounts outside SVB.

The balance Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing.

Nazara informed that both the companies -- Kiddopia Inc and Mediawrkz Inc -- have been given unrestricted access to the entire amount of USD 7.75 million (Rs 64 crore) that was held at SVB.

"From this amount, a sum of USD 7.25 million (Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of USD 0.5 million (Rs 4 crore) remains in SVB accounts for unrestricted operational use," the company said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)