Nazara Technologies’ shares surged more than 2% after the gaming and sports media platform announced on Wednesday that its esports subsidiary, Nodwin Gaming, acquired 100% of the shares of Comic Con India for Rs 55 crore. 

Shares of Nazara Technologies hit an intraday high of Rs 907.80, 2.2% higher than its previous closing price on the National Stock Exchange (NSE). The stock closed 0.92% higher at Rs 896.

NODWIN Gaming will acquire Comic Con India through a combination of cash and share swap from the latter’s founders, Jatin Varma and Karan Kalra. 

As part of the acquisition deal, NODWIN will pay Rs 27.4 crore in cash and swap Rs 27.5 crore worth of Comic Con India shares with its shares. The statement further added that the founders will continue to operate Comic Con India’s business as part of NODWIN Gaming. 

In a press release on January 24, the company said that through this acquisition, NODWIN plans to expand the number of festivals and extend its reach to more cities across India and other countries to attract more gaming enthusiasts, comic fans and pop culture aficionados.

Comic Con India, founded in 2011, hosts pop festivals celebrating popular culture elements, including comics, cosplay movies, TV shows, merchandise, gaming, and much more, targeting youth in India.

As of May 2023, NODWIN Gaming is valued at $349 million. The e-sports and gaming company has a presence in regions such as South Asia, Singapore, the Middle East, and Turkey.