After a subsidiary purchased the game marketing agency PublishME, Nazara Tech shares increased by 5%

 After a subsidiary purchased the game marketing agency PublishME, Nazara Tech shares increased by 5%

On the National Stock Exchange, Nazara Technologies had traded around Rs. 868, up more than 5%.

Following the acquisition of a 100% stake in game marketing firm PublishME by Nazara Technologies' Singapore-based subsidiary, the company's shares increased by more than 5% on Thursday.

The stake was purchased for $2 million from the current shareholders Nazara Technologies and Ozgur Ozalp by the company's Singapore division, NODWIN Gaming.

Nazara Technologies was up more than 5% on the NSE at 12:30 PM IST, trading around Rs. 868.

"This strategic acquisition not solely brings in a host of new opportunities, but it also prepares the way for a multitude of fresh prospects for us as a leading e-sports and gaming media company," said Akshat Rathee, our co-founders and Managing Director, NODWIN Gaming.

With SBI Funds Management Limited, which oversees SBI Mutual Fund's SBI Multicap Fund, SBI Technology Opportunities Fund, and SBI Magnum Global Fund, Nazara Tech has entered into a share subscription arrangement.

In accordance with this agreement, 57,42,296 equity shares, valued at Rs 4,099,999,344, will be issued and allocated to intended recipients on a preferential basis for a price of Rs 714 per share.

The Director General of GST Intelligence in Mumbai sent a GST notice to the company in September for Rs 2.83 crore, including interest under section 50 of the CGST. Additionally, the corporation was penalized for exporting services under LUT without obtaining the export revenues.

In the Middle East, PublishME will become NODWIN Gaming while maintaining its brand recognition in its home market of Turkey. According to a regulatory filing, Ozgur Ozalp, the company's creator, will assume the position of CEO at NODWIN Gaming Dubai. The business specializes in developing communications plans that link potential marketers with gamers.