Nazara Technologies will sell its 94.85% stake in OpenPlay Technologies to Moonshine Technology, the parent company of PokerBaazi, for 104.33 crore rupees (US$11.97 million).

The deal, approved by Nazara’s board, involves issuing 199,890 compulsory convertible preference shares (CCPS) at 10 rupees (US$0.11) each.

With this acquisition, Moonshine will take control of OpenPlay’s rummy platform, strengthening its portfolio in real money gaming.

OpenPlay’s ClassicRummy, where it holds a 46.07% stake and 287,376 CCPS, will also become Moonshine’s subsidiary.

Nazara’s board also approved a US$250,000 investment in ReelSaga Innovations Pvt Ltd for a 3.57% equity stake. Additionally, OpenPlay will issue an unsecured 20 crore rupees (US$2.29 million) loan to Moonshine as part of the transaction.

Nazara remains active in investments, recently acquiring Funky Monkeys Play Centers for 43.7 crore rupees (US$5.01 million) and increasing its stake in AFK Gaming.

Recent Nazara Technologies developments