In reference to intimation dated March 12, 2023 on its step-down subsidiaries Kiddopia Inc. and Mediawrkz Inc. holding cash balances at Silicon Valley Bank (SVB) cumulatively amounting for $7.75mn (INR 64 crores), Nazara Technologies has informed that both the companies i.e., Kiddopia Inc and Mediawrkz Inc have been given unrestricted access to the entire amount of $7.75mn (INR 64 crores) that was held at SVB. From this amount, a sum of $7.25mn (INR 60 crores) has been transferred to bank accounts outside of SVB and the balance amount of $0.5mn (INR 4 crores) remains in SVB accounts for unrestricted operational use.
The above information is a part of company’s filings submitted to BSE.
