Nazara to invest in Griffin Gaming Partners Fund

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Nazara Technologies FZ LLC, a wholly-owned subsidiary of Nazara Technologies Limited has entered into Subscription Agreement & Investor Questionnaire and other related transaction documents with Griffin Gaming Partners II, L.P (the Fund), GGP GP II, LLC (the Fund Manager) on March 07, 2022, for the purpose of purchase of Limited Partner interest in the Fund and admission of Nazara Dubai as Limited Partner in the Fund for a capital commitment not exceeding USD 4 Million (approx. Rs30 crore), payable in cash, in one or more tranches. The disclosure was made on 8 March 2022 to the stock exchanges.

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Nazara will invest up to USD 1.34 Million (approx. Rs10 crore) upfront while the balance investment amount of USD 2.66 (approx. Rs20 crore) will be deployed over a period of 3 years.

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The Fund focuses on investment into gaming platforms and infrastructure, gaming content, and game studios. Nazara, with this proposed investment, aims to build a network with Limited Partners (“LP”) as well as the Investee Companies of that Fund and to gain access into Global Gaming Ecosystem. In July last year, WinZO raised $65 mn in Griffin Gaming’s debut transaction in India.

Nazara Board last Friday said its board has approved the issuance of equity shares worth ₹25 crores to existing shareholders of Datawrkz Business Solutions Pvt. Ltd on a preferential basis. The issuance is of 1,10,617 shares of the face value of ₹4 each at an issue price of ₹2,260 per equity share, the company said in an exchange filing. The board has approved convening an extraordinary general meeting on 4 April for seeking the necessary approval of the shareholders concerning issuance of shares in Datawrkz transaction.