After the fall of SVB, Nazara Technologies said in an exchange that both its subsidiaries are well capitalized and running profitably.
Silicon Valley Bank Not only foreign tech companies have suffered due to the sinking of the company, but Indian tech companies have also suffered. one such company Nazara Technologies Who has got a double whammy. According to Nazara Technology, the company’s two subsidiaries have about Rs 64 crore cash deposits in SVB. Those who are trapped by the sinking of the bank. After the arrival of this news, today there has been a big decline in the shares of Najara Tech.
64 crore rupees stuck in the bank
Nazara Technologies had informed on Sunday that two of its subsidiaries Kidopia Inc and Mediawrkz Inc have cash deposits of $7.75 million i.e. Rs 64 crore in SVB, which were closed by California’s banking regulators last week. According to a Business Standard report, Mediawrkz is a wholly owned subsidiary of Datawrkz Business Solutions, in which Nazara also has a stake, Kiddopia Inc is a 100 per cent subsidiary of Paper Boat Apps, in which Nazara holds 51.5 per cent.
Shares of the company fell by 7 percent
According to a Moneycontrol report, after the news of Nazara Technologies having balance in SVB, the company’s shares fell by 7 per cent. After the fall of SVB, Nazara Technologies said in an exchange that both its subsidiaries are well capitalized and running profitably. This assured the investors that the company would not see any impact due to the failure of SVB. The report said that excluding the funds stuck in SVB, Nazara Technologies said it had cash and reserves of over Rs 600 crore.
has made a new bank
The failure of Silicon Valley Bank has been called the biggest retail banking fall since the Global Financial Crisis in 2008. SVB’s customers include some of the largest tech startups. SVB lost about $2 billion due to the sudden failure. The Federal Deposit Insurance Corporation (FDIC) now has control over $175 billion of customer deposits in the SVB. The FDIC created a new bank called the National Bank of Santa Clara and assured depositors that they would soon be able to access their money. The US dollar also suffered losses due to the SVB crisis. The dollar index fell 0.153 percent to close at 104.080.
Source: www.tv9hindi.com
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