First Games Technology Private Limited (FGTPL), a step-down subsidiary of One 97 Communications, has received a significant financial reprieve. AGTech Media Holdings Limited, a shareholder in FGTPL, has agreed to waive an outstanding loan amounting to approximately ₹142 crore, including accrued interest. This development was communicated to One 97 Communications on 27 March 2026.
The loan waiver comes after FGTPL discontinued its real money gaming business due to regulatory changes. The company had previously fully impaired its investment and shareholder loan, ensuring that this waiver has no adverse financial impact on One 97 Communications.
FGTPL had entered into loan agreements with AGTech on various dates, including 4 June 2021, 15 September 2021, and 13 April 2022. The total unsecured External Commercial Borrowings (ECBs) advanced by AGTech amounted to ₹131.94 crore. The waiver of the outstanding loan, including accrued interest, was approved by FGTPL on 27 March 2026.
AGTech holds a 45% equity stake in FGTPL, making the loan waiver a related party transaction. However, the transaction is not expected to impact One 97 Communications financially, as the company had already accounted for the impairment.
This disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details of the loan waiver are also available on the company’s website.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).