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Nazara Technologies Promoter Sells Stake To Plutus Wealth

Mitter Infotech LLP, 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 LLP through an on-market transaction in the block deal window of the stock exchange on 27th May 2024.

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 & Jt. 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 LLP, an investor in Nazara Technologies since 2020 (pre-IPO), has demonstrated strong confidence in the Company’s prospects by increasing its shareholding via this Block Trade.

Vikash Mittersain, Promoter,  Nazara Technologies Limited said:

“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. This transaction represents a resounding vote of confidence by Plutus in Nazara’s long-term growth prospects, its promoters and management”

Arpit Khandelwal, Managing Partner of Plutus Wealth Management LLP, 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”. 

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About Nazara Technologies:

Nazara is India’s only listed gaming & esports company with majority ownership of several leading gaming and esports brands with presence in India, 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.

Nazara’s offerings across the interactive gaming segment include gamified early learning ecosystems Kiddopia and Animal Jam which are global leaders in their respective segments; India’s most popular cricket simulation franchise World Cricket Championship (WCC) and a wide portfolio of casual games distributed through telco partnerships in many emerging markets. In addition, Nazara controls Datawrkz, a digital ad tech company.

About Plutus Wealth Management LLP:

Plutus Wealth Management LLP is a boutique proprietary investment firm with a mission to build long-term wealth by investing in select stories. They make well-informed and timely decisions about investments in listed and unlisted Indian equities to enhance growth. Their sustainable approach ensures that the needs of the business and the ecosystem always come first

For more such updates on Nazara Technologies, keep reading GutshotMagazine.com. Follow us on Facebook, Instagram, Twitter  and Telegram.

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