Nazara’s board has “in-principally” approved availing a bank guarantee of up to INR 20 Cr to acquire the sports entertainment company
Nazara added that its resolution plan for acquiring Smaaash was subject to the terms of the letter of intent and requisite approvals from NCLT and other regulatory bodies
NCLT commenced insolvency proceedings against Smaaash in May 2022 in connection with dues owed to creditors such as Edelweiss, Yes Bank, and SIDBI, among others
Online gaming major Nazara on Thursday (August 8) said that it has received the letter of intent (LoI) to acquire insolvency-ridden sports entertainment startup Smaaash Entertainment.
In a BSE filing, the listed gaming major said that it received the letter of intent from the resolution professional (RP) overseeing Smaaash’s corporate insolvency resolution process (CIRP) on August 7.