India, June 7 -- Gaming major Nazara Technologies on Friday (June 6) announced that it has completed the acquisition of insolvency-ridden sports entertainment startup Smaaash Entertainment.

The acquisition was completed under a corporate insolvency resolution process approved by the Mumbai bench of the National Company Law Tribunal (NCLT).

In a filing with the exchanges, Nazara said that it acquired the company for a total consideration of INR 126 Cr, making Smaaash its wholly owned subsidiary. Under the contours of the deal, the gaming major invested INR 10 Cr to subscribe to 1 Cr equity shares of INR 10 each in Smaaash, giving it 100% ownership.

In addition to the equity infusion, Nazara has extended an unsecured inter-corporate loan...