Nazara Technologies' promoter sells 6.38% stake in block deal
May 27, 2024
New Delhi [India], May 27 : Mitter Infotech, a promoter of gaming and sports media firm Nazara Technologies, has sold 48.84 lakh shares on Monday in a block deal of the stock exchange, representing 6.38 per cent stake to Plutus Wealth Management.
The company informed stock exchanges that this block deal would provide liquidity for the promoters who have dedicated 25 years to the company's growth.
The company added that 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 capitalize on the numerous opportunities ahead, it added.
Plutus Wealth Management has been an investor in Nazara since 2020 (pre-IPO).
"Plutus Wealth Management LLP 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 LLP, said, "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."
At 10.48 am, the company's shares were 3.2 per cent higher at Rs 634.55.
Nazara is India's only listed gaming & esports company with majority ownership of several leading gaming and esports brands with its presence in India, the US and other global markets.
In esports, Nazara has India's leading esports platform NODWIN Gaming; and Sportskeeda / Pro Football Network in the sports media space.
In addition, Nazara controls Datawrkz, a digital ad tech company.
