Mitter Infotech sells significant 6.38% stake in Nazara Technologies to Plutus Wealth Management

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

As reported by MSI, Plutus Wealth Management, which has been an investor in Nazara since its pre-IPO phase in 2020, has increased its shareholding in the company. The block trade will provide liquidity to the promoters, who have been part of Nazara’s growth over the past 25 years. Despite the sale, the promoters will maintain control of the company, with Nitish Mittersain continuing in his role as CEO and Joint Managing Director.

Vikash Mittersain, Promoter of Nazara Technologies, expressed his confidence in the transaction, stating, “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. This transaction represents a resounding vote of confidence by Plutus in Nazara’s long-term growth prospects, its promoters, and management.”

As per the reports of Business Today, Arpit Khandelwal, Managing Partner of Plutus Wealth Management, remarked, “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.”

Nazara Technologies has expanded in international markets and established global partnerships, reinforcing its position as an Indian gaming company with a global presence. Khandelwal added, “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.”

Following the announcement of the transaction, shares of Nazara Technologies surged to Rs 637.90, marking a 3.78% increase on the NSE.