Nazara promoter sells 6.38% stake to Plutus Wealth, stock up 4%
Today, Mitter Infotech, the promoter of gaming and esports company Nazara Technologies, completed an on-market block deal by selling 48.84 lakh shares, equivalent to 6.38% equity, to Plutus Wealth Management.
Gaming and esports company ' promoter on Monday sold 48.84 lakh shares or 6.38% to in an on-market ."The block trade will provide liquidity for the promoters who have dedicated 25 years to the company’s growth. The promoters will retain control of the company, with Nitish Mittersain continuing in his
current role as & Joint ," Nazara said in a regulatory filing.
Following the deal, the fell to a fresh 52-week-low value of Rs 590.85 before jumping 4% to the day's high of Rs 640.
As of March-end, group entity Mitter Infotech owned a 13.75% in the company. Following the deal, the stake falls down to 7.37%.
The total stake of all promoters will also fall down from 16.43% to 10.05%.
The promoters said they remain confident that the company is strategically and financially well-positioned to capitalize on the numerous opportunities ahead.
Plutus Wealth Management, which has been an investor in the company since pre-IPO days in 2020, said Nazara is a notable example of an Indian games company that has been successful in going global.
"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," said Arpit Khandelwal, Managing Partner of Plutus Wealth.
Nazara Technologies promoter Vikash Mittersain said Plutus 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," he added.
Source: Stocks-Markets-Economic Times
