Nazara Promoter Mitter Infotech Sells 6.38% Stake in Block Deal to Plutus Wealth Management 

Plutus Wealth Management has been an investor in Nazara since 2020.
Sebi Allows Promoters To Hike Stake Through Preferential Allotment
Sebi Allows Promoters To Hike Stake Through Preferential Allotment

Mitter Infotech LLP, a promoter of the listed company Nazara Technologies Limited, has sold 48,84,000 equity shares, representing 6.38 percent of the issued share capital, to Plutus Wealth Management, a Limited Liability Partnership firm, through a block deal on May 27. Plutus Wealth Management has been an investor in Nazara since 2020. 

As per the company, the block trade will help provide liquidity for promoters “who have dedicated 25 years to the company’s growth.” With Nitish Mittersain continuing as the CEO and Jt. Managing Director, the company’s control will be retained by the promoters. 

“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 its management,"  he added. 

Read: Nazara Technologies to Acquire Additional 28.12% Stake in Nextwave for Rs 21.6 Crore

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.” 

The only listed gaming and esports firm in India, Nazara owns the majority of various well-known brands in the gaming and esports industries that are present in the US, India, and other international markets.

Nazara is a leader in esports in India with NODWIN Gaming, as well as a player in sports media with Sportskeeda/PPro Football Network. In the interactive gaming space, Nazara offers the most popular cricket simulation franchise in India, the World Cricket Championship (WCC), and the and the gamified early learning ecosystems Kiddopia and Animal Jam, which lead their respective global markets. Furthermore, Nazara is the owner of Datawrkz, a digital ad tech business. 

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