Nazara Tech becomes owner of Paper Boat, buys 48.42 percent stake
Nazara Technologies acquires Paper Boat app: Nazara Technologies has now become the owner of 100 percent shares of Paper Boat Apps. The company has also bought the remaining 48 percent stake in Paper Boat. This deal has been done in crores.
Nazara Tech becomes owner of Paper Boat, buys 48.42 percent stake
Nazara Technologies has become the full owner of its subsidiary company Paper Boat Apps. The company has also bought the remaining 48.42 percent stake in Paper Boat. Earlier, the company had bought 50.91 percent stake in Paper Boat Apps in the year 2019. At that time the deal was done for Rs 83.5 crore. This deal was completed in 2020. Along with this, an agreement was also reached between the two companies regarding share purchase in the year 2019. Paper Boat Apps is the developer of Kidopia. This app is designed for children aged 2 to 7 years.
How many crores did the deal cost
According to the Money Control report, Nazara Tech has bought a total of 5,157 equity shares in Paper Boat Apps. This is a total stake of 48.42 percent in the company. These shares have been bought from the company's founders Anupam Dhanuka and Anshu Dhanuka. This deal has been completed for Rs 300 crore. Rs 225 crore has been paid as the first installment of the deal. The remaining amount will also be paid soon. It is worth noting that this agreement of Nazara Tech is being seen as an expansion of the gaming business.
Also bought UK's Fusebox Games:
Earlier this month, Nazara Tech announced the purchase of UK's IP based gaming studio Fusebox Games. The deal was completed for Rs 228 crore. Apart from this, the company also bought 28.12 percent stake in its subsidiary company Nextwave Multimedia. Nazara Tech bought the company's shares from the company's founders PR Rajendran, R Kalpana and PR Jayashree.
What is the condition of the company's shares:
Talking about the shares of Nazara Tech, on Friday the company closed at Rs 920 with a decline of 2.5 percent on NSE. The company's shares have gained 7 percent so far this year. In the last 12 months, the company's shares have gained 4 percent. At the same time, Nifty has climbed up to 29 percent during this period. In such a situation, the performance of the company's shares has been very weak compared to Nifty.
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