Nazara Technologies’ Promoter Offloads 6.38% Stake in Block Deal – Business Update

Mitter Infotech, a promoter of gaming and sports media firm Nazara Technologies, made headlines today as they sold 6.38% stake in a block deal to Plutus Wealth Management. The deal involved the sale of 48.84 lakh shares on the stock exchange, providing liquidity for the promoters who have dedicated 25 years to the company’s growth.

Despite the stake sale, the promoters will retain control of the company, with Nitish Mittersain continuing in his role as CEO and Joint Managing Director. The company expressed confidence in its strategic and financial position to capitalize on future opportunities.

Plutus Wealth Management, an investor in Nazara since 2020, expressed their confidence in the company’s long-term growth prospects and management. Vikash Mittersain, Promoter of Nazara Technologies Limited, highlighted the vote of confidence by Plutus in Nazara’s future.

Arpit Khandelwal, Managing Partner of Plutus Wealth Management LLP, emphasized their strong conviction in the gaming sector’s growth potential and Nazara’s unique competitive position. Nazara, India’s only listed gaming and esports company, has a presence in India, the US, and other global markets.

At 10.48 am, Nazara’s shares were trading 3.2% higher at Rs 634.55. The company controls leading gaming and esports brands like NODWIN Gaming and Sportskeeda, along with a digital ad tech company, Datawrkz. The stake sale signifies a new chapter for Nazara as they continue to expand their presence in the gaming and esports industry.