Nazara Technologies halted the three-session losing streak on Wednesday as the stock bumped up sharply in the afternoon hours of trading as the company announced regaining access to its deposits in the Silicon Valley Bank.
What Happened: Shares of the company had been on a downtrend since the company announced that its step-down subsidiaries Kiddopia Inc and Mediawrkz Inc have cash deposits in the troubled Silicon Valley Bank. As reported by Benzinga India, the two companies had around $7.75 million or ₹64 crore in deposits at the startup-focused bank.
The company that owns Sportskeeda and Nodwin Gaming, today, informed the exchanges that it has now been given ‘unrestricted access’ to the entire amount that was held at SVB. The company also said that ₹60 crore has been transferred to bank accounts outside of SVB. “The balance amount of USD 0.5mn (~INR 4 crores) remains in SVB accounts for unrestricted operational use,” the company added in a regulatory filing.
The stock that was down since market open today saw an immediate spike as soon as the announcement was made at around 11:30 am.
Price Action: Shares of the company were up 1.41% to trade at ₹505.85 in the mid-market hours of trading on Wednesday.
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