One 97 Communications announced that its step-down subsidiary, First Games Technology Private Limited (FGTPL), received approval for a loan waiver from its shareholder, AGTech Media Holdings Limited. AGTech agreed to waive approximately ₹142 Crore, including accrued interest, related to outstanding loans. Since the Company had previously fully impaired its investment in FGTPL (due to discontinued gaming operations), this transaction is confirmed to have no adverse financial impact on One 97 Communications.
Subsidiary Loan Waiver Details
One 97 Communications Limited informed the exchanges on March 27, 2026, regarding a significant development concerning its step-down subsidiary, First Games Technology Private Limited (FGTPL). The Board of FGTPL approved an amendment to existing loan agreements with its shareholder, AGTech Media Holdings Limited (“AGTech”).
Under this amendment, AGTech has formally agreed to waive the entire outstanding loan balance owed by FGTPL. The total waived amount is approximately ₹142 Crores (Indian Rupees One Hundred Forty Two Crores), which includes all accrued interest.
Context and Financial Impact
FGTPL had previously ceased its real money gaming operations following regulatory changes. The Company confirms that it had already fully impaired its investment and shareholder loan related to FGTPL. Consequently, the waiver of this outstanding debt by AGTech will result in no adverse financial impact on the parent Company, One 97 Communications Limited.
Related Party Transaction Confirmation
The details confirm that this transaction qualifies as a related party transaction. AGTech holds 45% Equity shares of FGTPL, establishing the relationship. The waiver arrangement involves AGTech agreeing to forgo the outstanding debt of approximately ₹142 Crores, including interest.
Prior Loan History
It was also noted that prior to this waiver, AGTech had advanced unsecured External Commercial Borrowings (“ECBs”) to FGTPL totaling ₹131.94 Crores across several loan agreements executed between June 2021 and April 2022. The current waiver supersedes the outstanding unsecured amount identified in the previous agreements.
Source: BSE
