Mitter Infotech sells stake in Nazara Technologies to Plutus Wealth Management

Mitter Infotech LLP, a key promoter of Nazara Technologies Limited, has executed a significant transaction, selling 4,884,000 equity shares or 6.38% of the issued share capital. This block trade was conducted on May 27, 2024, through the stock exchange’s block deal window, involving Plutus Wealth Management LLP as the buyer.

Transaction Details and Strategic Rationale

The block trade aims to provide liquidity for the promoters who have devoted 25 years to Nazara Technologies’ growth while ensuring the promoters maintain control of the company. Nitish Mittersain, CEO & Joint Managing Director, will continue in his leadership role, reinforcing the management’s ongoing commitment to the company’s strategic direction.

Confidence in Continued Growth and Strategic Positioning

Vikash Mittersain, Promoter of Nazara Technologies, expressed robust confidence in the future of the company, remarking, “This transaction represents a resounding vote of confidence by Plutus in Nazara’s long-term growth prospects, its promoters, and management.” This sentiment is mirrored by Plutus Wealth Management’s increased stake, as they have been a supportive investor since the pre-IPO days.

Arpit Khandelwal, Managing Partner of Plutus Wealth Management, commented on the acquisition, saying, “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.” He emphasized the strategic move as a reflection of their strong conviction in the sector’s growth potential and Nazara’s robust position in global markets.

The reinforcement of this partnership between Mitter Infotech and Plutus Wealth Management through the block trade is likely to bolster Nazara Technologies’ position as a leader in the gaming and esports sector. It highlights the company’s successful expansion into international markets and its diversified product portfolio, including significant entities like NODWIN Gaming and Sportskeeda.