Nazara Reduces Stake in Nodwin Ahead of Fundraising
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Nazara Technologies said on Wednesday that it will no longer keep majority control of its company Nodwin Gaming. This step is being taken as Nodwin plans to raise money from current investors to grow its business in esports and youth media.
To help with the fundraising, Nazara's board has agreed to give up some special rights it held over Nodwin. This change will give Nodwin more freedom to run its business and raise money on its own. The board has also agreed to remove Nodwin from its list of main companies, but this will need approval from shareholders at a meeting on August 13. After the funds are raised, Nodwin will be called an associate company instead of a subsidiary.
Nazara first bought a 55 percent share in Nodwin Gaming in January 2018 through a mix of cash and company shares. Since then, Nazara has added more money to support Nodwin's growth. The latest investment was in December last year, when Nazara put in INR 64 crore to help Nodwin grow its business and brands.
This is the second time an Indian listed company has reduced its stake in a smaller company to below 50 percent. PB Fintech recently cut its stake in PB Healthcare Services from 100 percent to 26 percent after a funding round, though it still invested in that round.
This shows that Indian tech companies are looking for more flexible ways to grow and manage their money.
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