Nazara Technologies announced that pursuant to the enactment of the Promotion and Regulation of Online Gaming Act, 2025, which came into effect on 22 August 2025, a material adverse effect (as defined in the share purchase agreement (SPA)) has occurred due to the prohibition on online real money gaming, including but not limited to real money poker gaming in India. Accordingly, in terms of the SPA, the company has on 31 August 2025, issued a Notice of Termination to I3 Interactive Inc.

In September 2024, share purchase agreements were executed amongst the Company, PSM Group, Bellerive Capital (BCP) 6, Shells and Shores Consultancy & Holdings LLP, I3 Interactive Inc, Puneet Singh, Navkiran Singh, Avneet Rana, Varun Ganjoo, Anirudh Chaudhry and Gurjeet Karan (collectively referred to as “Sellers”), in relation to the acquisition of remaining 38,073 fully paid-up equity shares of Rs 10/- each of Moonshine Technology, representing 0.96% of the equity share capital, from I3 Interactive Inc, for an aggregate consideration of ~Rs. 15.90 crore.