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Nazara promoters sell 6.38% stake to Plutus Wealth; stock up 14% from low

Mitter Infotech LLP, a promoter of Nazara Technologies, has sold 4.88 million equity shares, representing 6.38 per cent of the share capital, to Plutus Wealth Management LLP

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Illustration: Binay Sinha

SI Reporter Mumbai

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Nazara Technologies block deal: Shares of Nazara Technologies moved higher by 12.25 per cent to hit a high of Rs 689.85, bouncing back 16.77 per cent from its intraday low on the BSE on Monday, after its promoters sold 6.38 per cent stake of the company to Plutus Wealth Management LLP.

The stock of the digital entertainment company hit a 52-week low of Rs 590.85 on the BSE earlier today, but closed 9.5 per cent higher at Rs 673 per share.

Thus far in the calendar year 2024, the stock has underperformed the market by falling 21 per cent as compared to 4 per cent rise in the S&P BSE Sensex. The share price of Nazara Technologies had hit a 52-week high of Rs 989.55 in January 2024. It had touched a record high of Rs 1,677.20 on October 11,2 2021, data shows.

Mitter Infotech LLP, a promoter of Nazara Technologies, has sold 4.88 million equity shares, representing 6.38 per cent of the issued share capital, to Plutus Wealth Management LLP in the block deal window of the stock exchange on May 27, 2024, the company said in an exchange filing.

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 CEO & Jt. Managing Director.

The promoters remain confident that the company is strategically and financially well positioned to capitalise on the numerous opportunities ahead. Plutus Wealth Management LLP, an investor in Nazara since 2020 (pre-IPO), has demonstrated strong confidence in the Company’s prospects by increasing its shareholding via this Block Trade, it added.

Nazara is India's only listed gaming & esports company with majority ownership of several leading gaming & esports brands with presence in India, US and other global markets. In esports, Nazara has India's leading esports platform NODWIN Gaming; and Sportskeeda / Pro Football Network in the sports media space.

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First Published: May 27 2024 | 4:08 PM IST

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