Nazara promoter offloads 6.38% stake to Plutus Wealth

27 May 2024 , 11:40 AM

Mitter Infotech, the promoter of gaming and e-sports business Nazara Technologies, sold 48.84 lakh shares, or 6.38% of its equity, to Plutus Wealth Management in an on-market block transaction on Monday.

“The block transaction will offer liquidity for the promoters, who have invested 25 years in the company’s growth. According to a regulatory filing, Nitish Mittersain will continue as CEO and Joint Managing Director while the promoters retain control of the company.

As of March 31, promoter group entity Mitter Infotech owned 13.75% of the company. Following the transaction, the stake drops to 7.37%.

The overall stake of all promoters will decrease, from 16.43% to 10.05%.

The promoters stated that they remain confident in the company’s strategic and financial position to capitalise on the various opportunities that lie ahead.

Plutus Wealth Management, which has been an investor in the firm since its pre-IPO days in 2020, said Nazara is a prime example of an Indian games company that has successfully expanded globally.

According to Nazara Technologies promoter Vikash Mittersain, Plutus has been a long-term investor in Nazara since before the IPO and has actively engaged in subsequent capital offerings. This transaction represents a resounding vote of confidence by Plutus in Nazara’s long-term growth prospects, its promoters and management, he further stated.

At around 10.50 AM, Nazara Technologies was trading 3.25% higher at ₹634.60, against the previous close of ₹614.35 on NSE. The counter touched an intraday high and low of ₹642, and ₹591.50, respectively.

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