NCLT approves Nazara's resolution plan for Smaaash Entertainment for Rs 126 crore
Smaaash Entertainment reported a turnover of Rs 112.34 crore as of March 31, 2024. The revenue stood at Rs 112.34 crore as of March 2024.
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The National Company Law Tribunal (NCLT) has approved Nazara Technologies' Rs 126 crore resolution plan for Smaaash Entertainment Private Limited, the gaming company informed stock exchanges.
The acquisition includes a Rs 10 crore equity infusion through the subscription of 1 crore shares at Rs 10 each and an unsecured inter-corporate loan of Rs 16 crore extended to Smaaash for settling creditor dues.
With this, Nazara gets 100% ownership of Smaaash and access to its location-based gaming and entertainment assets.
Smaaash, founded in 2012 by Shripal Morakhia, was backed by high-profile investors like Sachin Tendulkar. However, it faced financial distress during the COVID-19 pandemic and a debt load of over Rs 400 crore to Edelweiss Asset Reconstruction Company and other creditors such as Yes Bank, Sidbi, and others.
Smaaash Entertainment reported a turnover of Rs 112.34 crore as of March 31, 2024. The revenue stood at Rs 112.34 crore as of March 2024.
Smaaash is engaged in the business of gaming and entertainment, operating various entertainment centres with main themes such as bowling and gokarting, along with ancillary games and attractions. The key revenue segments for Smaaash include Gaming, Food & Beverages, Events, and Sponsorship. The company has a presence in 11 centres across various cities in India.
Nazara has been actively pursuing acquisitions to expand its gaming portfolio. Recently, the digital gaming company acquired UK-based PC and console game publisher Curve Games for Rs 247 crore.
In addition, Nazara has secured the rights for Bigg Boss in India, with plans to launch the game in the next two to three months.
Nazara Technologies’ current market capitalisation is Rs 10,961.23 crore. The stock is currently trading at Rs 1,251.05 as of 9:58 am on the Bombay Stock Exchange on June 9.
