Nazara Tech promoter sells 6.38% stake to Plutus Wealth

Mitter Infotech, a promoter of Nazara Technologies Limited has sold 48,84,000 equity shares, representing 6.38% of the issued share capital to Plutus Wealth Management through an on-market transaction in the block deal window of the stock exchange today.

Plutus Wealth Management, an investor in Nazara since 2020 (pre-IPO), has demonstrated strong confidence in the company’s prospects by increasing its shareholding via this block trade.

The block trade will provide liquidity for the promoters who have dedicated 25 years to the company’s growth. The promoters will retain control of the company, with Nitish Mittersain continuing in his current role as CEO and Joint Managing Director. The promoters remain confident that the company is strategically and financially well positioned to capitalise on the numerous opportunities ahead.

“Plutus Wealth Management has been a long-term investor in Nazara since the pre-IPO days and has actively participated in subsequent fund raises as well”, said Vikash Mittersain, Promoter, Nazara Technologies Limited. “This transaction represents a resounding vote of confidence by Plutus in Nazara’s long-term growth prospects, its promoters, and management”, he added.

Arpit Khandelwal, Managing Partner of Plutus Wealth Management, said, “We are extremely delighted to announce that we have increased our stake in Nazara Technologies Limited, India’s leading diversified gaming and sports media platform. This decision underscores our strong conviction in the phenomenal growth opportunity that the sector offers and our confidence in Nazara’s diversified product portfolio, talented team, and unique competitive position.”
 
With its expanded presence in various international markets and global partnerships, Nazara is a notable example of an Indian games company that has been successful in going global. In continuation to our philosophy, we look forward to actively supporting the management team as they execute on their growth strategy and aggressively accelerate progress towards achieving their long-term objectives, he added.
 
Following the announcement, the shares of the gaming company have surged to Rs 637.90, a 3.78% increase on the NSE.