Nazara Technologies to Acquire Smaaash Entertainment in Insolvency Deal

Nazara Technologies Limited has emerged victorious in the bid to acquire Smaaash Entertainment Private Limited through the corporate insolvency resolution process. The Committee of Creditors (CoC) approved Nazara’s resolution plan on August 7, 2024, marking a significant step in the process.

As of 9:30 am, Nazara Technologies' shares were trading at ₹912.30 on the BSE, up by 2.15 points (0.24%), and ₹911.85 on the NSE, up by 6.30 points (0.70%). The company has received a Letter of Intent from Smaaash’s Resolution Professional, confirming its status as the “Successful Resolution Applicant.” The acquisition now awaits final approvals from the National Company Law Tribunal and other regulatory authorities.

Smaaash, known for its sports simulation and gamification technologies, entered insolvency in May 2022 after a ₹292.4 crore default to Edelweiss Asset Reconstruction Company. The company operates 30 entertainment centres across India, featuring attractions like twilight bowling and go-karting.

Nazara Technologies' successful bid follows a competitive resolution process that began with creditor claims totaling ₹426.26 crore. This acquisition could provide a much-needed boost to Smaaash, potentially revitalizing its operations and expanding its market presence. Further updates will be provided as the acquisition progresses through regulatory clearances.

News by Rahul Yelligetti