SVB Crisis: This share of Rakesh Jhunjhunwala boomed due to bankruptcy of American bank, know what is the connection – nazara tech stock hits record low because of silicon valley bank crisis
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Paper Boat Apps Private Limited holds 100% stake in Kiddopia Inc. Najara holds 51.5 per cent stake in Paper Boat Apps Private Limited. On the other hand Datawrkz Business Solutions Private Limited holds 100 percent stake in Mediawrkz Inc. Najara holds 33 per cent stake in Datawrkz Business Solutions Private Limited. According to the view, the Federal Deposit Insurance Corporation (FDIC) has said that it will issue advance dividend to depositors next week. The remaining payments will be given by selling the assets to the bank.
what did the view say
Nazara Technologies said in an exchange filing that both its subsidiaries are adequately capitalized and are profitable. The SVB crisis will not impact their day-to-day operations, business performance and growth plans. The company also said that Najara Group has more than Rs 600 crore in cash. This does not include cash deposited in SVB. Najara shares fell 7 per cent to Rs 483.05 on this news. However, it later recovered and closed at Rs 514.75, down 0.58%.
Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, has a 10 per cent stake in Nazara Technologies as of December 2022. Nazara is a gaming and sports media platform. It has its presence in many countries of the world. Nazara Technologies share was listed in Apr-2021. It reached a record high of Rs 1677 on 11 October 2021. Its 52-week high of Rs 934 was touched on March 11, 2022. It has declined by about 40 per cent in the last one year.
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