SVB fall: Nazara Tech says Rs 60 crore shifted to other bank accounts, Rs 4 crore remains for unrestricted operational use

The balance Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing.

SVB fall: Nazara Tech says Rs 60 crore shifted to other bank accounts, Rs 4 crore remains for unrestricted operational use
Nazara informed that both the companies -- Kiddopia Inc and Mediawrkz Inc -- have been given unrestricted access to the entire amount of USD 7.75 million (Rs 64 crore) that was held at SVB. (Photo credit: Reuters)

Nazara Technologies on Wednesday said that out of Rs 64 crore held by its two step down subsidiaries in Silicon Valley Bank, Rs 60 crore has been successfully transferred to bank accounts outside of SVB.

The balance Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing.

Nazara informed that both the companies -- Kiddopia Inc and Mediawrkz Inc -- have been given unrestricted access to the entire amount of USD 7.75 million (Rs 64 crore) that was held at SVB.

"From this amount, a sum of USD 7.25 million (Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of USD 0.5 million (Rs 4 crore) remains in SVB accounts for unrestricted operational use," the company said.

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Reported By: PTI
Updated: Wed, Mar 15, 2023
02:43 PM IST
New Delhi, PTI
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