Nazara Technologies on Wednesday said two of its subsidiaries had deposits totaling Rs 64 crore in the failed Silicon Valley Bank (SVB) of the US. Out of this Rs 60 crore has been successfully transferred to other bank accounts.
The company informed the stock exchanges that it still has Rs 4 crore in SVB’s accounts. This amount is for unrestricted operational use.
Najara pointed out that both the companies – Kiddopia Inc and Mediawrkz Inc – were given unhindered access to the entire Rs 64 crore deposited in the SVB.
“Out of this account, Rs 60 crore was transferred to other bank accounts and the remaining Rs 4 crore is kept in the SVB account for non-restricted operational use,” it said.