SVB collapse: Nazara Tech moves Rs 60 crore to other bank accounts

Nazara Technologies on Wednesday said that out of Rs 64 crore held by its two step down subsidiaries in Silicon Valley Bank, Rs 60 crore has been successfully transferred to bank accounts outside of SVB. The balance Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing.

Nazara informed that both the companies -- Kiddopia Inc and Mediawrkz Inc -- have been given unrestricted access to the entire amount of $7.75 million (Rs 64 crore) that was held at SVB.

"From this amount, a sum of USD 7.25 million (Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of USD 0.5 million (Rs 4 crore) remains in SVB accounts for unrestricted operational use," the company said.