SVB Collapse: Nazara Tech Says Rs 60 Cr Shifted To Other Banks, Rs 4 Cr Remains For Unrestricted Operational Use

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SVB Collapse: Nazara Tech Says Rs 60 Cr Shifted To Other Banks, Rs 4 Cr Remains For Unrestricted Operational Use


The stability Rs 4 crore stays in SVB accounts for unrestricted operational use, the corporate stated in a regulatory submitting.

Nazara Technologies on Wednesday stated that out of Rs 64 crore held by its two step down subsidiaries in Silicon Valley Bank, Rs 60 crore has been efficiently transferred to financial institution accounts exterior of SVB.

The stability Rs 4 crore stays in SVB accounts for unrestricted operational use, the corporate stated in a regulatory submitting.

Nazara knowledgeable that each the businesses — Kiddopia Inc and Mediawrkz Inc — have been given unrestricted entry to the whole quantity of USD 7.75 million (Rs 64 crore) that was held at SVB.

“From this quantity, a sum of USD 7.25 million (Rs 60 crore) has been transferred to financial institution accounts exterior of SVB and the stability quantity of USD 0.5 million (Rs 4 crore) stays in SVB accounts for unrestricted operational use,” the corporate stated.

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(This story has not been edited by News18 workers and is revealed from a syndicated information company feed)

Namit Singh Sengar

Namit is Senior Sub Editor within the enterprise vertical of News18.com. With over 5 years of expertise, he covers private finance, manufacturers and economic system.…Read More



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