Nazara Technologies Ltd informed the stock exchanges on Monday that promoter entity Mitter Infotech LLP sold 48,84,000 equity shares worth Rs 300 crore ($3.6 million), representing 6.38% of the issued share capital, to Plutus Wealth Management LLP through an on-market transaction on May 27.
The block deal aims to provide liquidity for promoters while retaining control of the listed gaming and e-sports company, with Nitish Mittersain continuing as CEO & joint managing director, Nazara Technologies stated in an exchange filing Monday.
Promoters and promoter group entities held 16.43% stake in the company as of March 31, 2024. Prior to the stake offload, Mitter Infotech LLP had a 13.75% stake in the company.
The promoters remain confident that the company is strategically and financially well positioned to capitalize on the numerous opportunities ahead, the filing added.
Plutus Wealth Management has been an investor in Nazara since 2020 (pre-IPO). Plutus Wealth Management held a 6.63% stake or 50,76,467 equity shares as of March 31, 2024.
“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 management”, he added.
Nazara is India’s only listed gaming and e-sports company with majority ownership of several leading gaming brands with presence in India, the United States and other global markets.
