<p>Nazara Technologies, two of whose step down subsidiaries - Kiddopia Inc and Mediawrkz Inc - held around Rs 64 crore at US-based Silicon Valley Bank (SVB), has successfully shifted about Rs 60 crore to another US bank, the gaming and sports media firm said in a stock exchange filing on Wednesday.</p>.<p>“A sum of $7.25 million (~Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of $0.5 million (~Rs 4 crore) remains in SVB accounts for unrestricted operational use,” the document stated.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/opinion/first-edit/svb-shock-limited-but-lessons-to-learn-1200298.html" target="_blank">SVB shock limited, but lessons to learn</a></strong></p>.<p>Revealing the rationale behind retaining Rs 4 crore at the bank, Chief Operating Officer Sudhir Kamath said - “In the US there’s a blanket thing that up to $250,000 per account is in any case insured by the FDIC. So, up to that point holding money is never a risk.”</p>.<p>The company is yet to take a final call on whether it will continue to bank with SVB. “We’ll see how it (the situation) unfolds over the next few days,” Kamath said.</p>.<p>The $7.25 million parked at SVB formed less than 10 per cent of the company’s cash and balances on books, he further informed.</p>.<p>Learning from the SVB crisis, the company has carried out a detailed review of its subsidiaries’ bank accounts and taken relevant measures to avoid higher exposure or excessive concentration in select cases.</p>
<p>Nazara Technologies, two of whose step down subsidiaries - Kiddopia Inc and Mediawrkz Inc - held around Rs 64 crore at US-based Silicon Valley Bank (SVB), has successfully shifted about Rs 60 crore to another US bank, the gaming and sports media firm said in a stock exchange filing on Wednesday.</p>.<p>“A sum of $7.25 million (~Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of $0.5 million (~Rs 4 crore) remains in SVB accounts for unrestricted operational use,” the document stated.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/opinion/first-edit/svb-shock-limited-but-lessons-to-learn-1200298.html" target="_blank">SVB shock limited, but lessons to learn</a></strong></p>.<p>Revealing the rationale behind retaining Rs 4 crore at the bank, Chief Operating Officer Sudhir Kamath said - “In the US there’s a blanket thing that up to $250,000 per account is in any case insured by the FDIC. So, up to that point holding money is never a risk.”</p>.<p>The company is yet to take a final call on whether it will continue to bank with SVB. “We’ll see how it (the situation) unfolds over the next few days,” Kamath said.</p>.<p>The $7.25 million parked at SVB formed less than 10 per cent of the company’s cash and balances on books, he further informed.</p>.<p>Learning from the SVB crisis, the company has carried out a detailed review of its subsidiaries’ bank accounts and taken relevant measures to avoid higher exposure or excessive concentration in select cases.</p>