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Nazara Technologies Limited’s shares were up by 3.10 per cent after the company reported that its promoter Mitter Infotech LLP sold 48,84,000 equity shares, representing 6.38% of the issued share capital, to Plutus Wealth Management LLP. The transaction occurred through an on-market block trade today.
This sale aims to provide liquidity for the promoters who have been involved with the company for 25 years. Despite the stake sale, the promoters will retain control of Nazara Technologies, with Nitish Mittersain continuing as CEO and Joint Managing Director.
Plutus Wealth Management LLP has been an investor in Nazara Technologies since 2020, prior to the company’s IPO and the company intends to support Nazara’s management in executing their growth strategy and achieving long-term objectives.
Arpit Khandelwal, Managing Partner of Plutus Wealth Management LLP, said, “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.”
The shares were up by 3.10 per cent to ₹633.60 at 11 AM on the BSE.
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