M&A

M&A

15 cos in fray to buy insolvent gaming firm SMAAASH

Economic Times  

Nazara Technologies, Malpani Group, Manikchand Group and Tech Connect Services are among 15 companies in the fray for acquiring Smaaash Entertainment, a sport-centric digital entertainment company undergoing insolvency proceedings. Jindal Enterprises FZE, Capri Global and iLabs India Special Situation Fund are among other companies that submitted expressions of interest (EoI). The resolution professional (RP), Bhrugesh Amin, backed by BDO India, has set a September 8 deadline for firm bids. The RP has admitted INR 426.26 crore of claims from Edelweiss Asset Reconstruction Company, Mabella Investment Advisors, Sidbi and Yes Bank. Smaaash is promoted by Shripal Morakhia, who formerly owned stockbroking-cum-investment firm SSKI-Sharekhan. The gaming company is also backed by cricketer Sachin Tendulkar, who had received a 4.2% stake when the company was launched.