Nazara Technologies Subsidiaries Enter Loan Agreements Totaling INR 110 Crores

Nazara Technologies Limited has informed the stock exchange about its subsidiaries, Absolute Sports Private Limited and Sportskeeda Inc., entering into loan agreements with fellow subsidiaries. Absolute has granted an unsecured loan of up to USD 12,924,450 (equivalent to INR 110 Crores) to Sportskeeda Inc. Sportskeeda Inc., in turn, has granted an unsecured loan of up to GBP 9,586,426 (equivalent to INR 110 Crores) to Nazara Technologies UK Limited. The loans are for extending inter-corporate loans to fellow subsidiaries for their business purposes and for business purposes such as working capital requirements, acquisition(s) and expansion plans, etc. The transactions are on arm's length basis and fall outside the purview of Related Party Transactions as per the Listing Regulations.