Mitter Infotech LLP, a key promoter of Nazara Technologies Limited, has sold 48,84,000 equity shares, which represent 6.38% of the issued share capital, to Plutus Wealth Management LLP. This significant transaction took place on May 27, 2024, via an on-market block deal.
Promoters stake sale of Nazara Technologies Limited to existing investor, Plutus Wealth Management LLP
Promoters Retain Control and Confidence in Future Growth
Despite this sale, the promoters of Nazara Technologies, who have dedicated 25 years to the company’s growth, will retain control. Nitish Mittersain will continue in his role as CEO and Joint Managing Director. The promoters remain confident in Nazara’s strategic and financial positioning, believing the company is well-prepared to seize future opportunities.
Plutus Wealth Management’s Increased Investment
Plutus Wealth Management LLP, an investor in Nazara since its pre-IPO days in 2020, has shown strong faith in the company’s prospects by increasing its shareholding through this block trade. Vikash Mittersain, Promoter of Nazara Technologies Limited, commented, “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.”
Strategic Insights from Plutus Wealth Management
Mr. Arpit Khandelwal, Managing Partner of Plutus Wealth Management LLP, expressed enthusiasm about the increased stake, stating, “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.”
He further added, “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 of 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.”
Conclusion
The sale of shares by Mitter Infotech LLP to Plutus Wealth Management LLP marks a pivotal moment for Nazara Technologies. With the continued support of its long-standing promoters and increased backing from Plutus, Nazara Technologies is well-positioned to capitalize on the robust growth opportunities within the gaming and sports media sector. The ongoing confidence and investment from Plutus Wealth Management underscore the potential for Nazara to achieve its ambitious long-term goals, further solidifying its status as a leading player in the global market.
Stay tuned for more updates on Nazara Technologies as it continues to drive innovation and growth in the gaming industry.
