Mitter Infotech LLP has sold equity shares to Plutus Wealth Management LLP
Mitter Infotech LLP, a promoter of Nazara Technologies Limited (“the Company”), sold 48,84,000 equity shares, or 6.38% of the issued share capital, to Plutus Wealth Management LLP on May 27, 2024, in an on-market transaction in the stock exchange’s block deal window (“Block Trade”).
Promotional Liquidity and Control Retention
The Block Trade will provide liquidity to the company’s promoters, who have dedicated 25 years to its expansion. The promoters will retain control of the company, with Nitish Mittersain continuing in his current position as CEO and Jt. Managing Director. The promoters are optimistic that the company is well-positioned, both strategically and financially, to capitalize on the various opportunities that await.
Confidence in Nazara Technologies Limited
Plutus Wealth Management LLP, a Nazara investor since 2020 (pre-IPO), increased its shares through this Block Trade, demonstrating great confidence in the company’s potential.
Statements from the Promoters and Investors
“Plutus Wealth Management LLP has been a long-term investor in Nazara since before the IPO and has actively participated in subsequent fund offerings,” stated Vikash Mittersain, Promoter of Nazara Technologies Limited. “This purchase is a resounding vote of confidence by Plutus in Nazara’s long-term growth potential, promoters, and management,” he said.
Mr. Arpit Khandelwal, Managing Partner of Plutus Wealth Management LLP, stated, “We are incredibly pleased to announce that we have raised our interest in Nazara Technologies Limited, India’s top diversified gaming and sports media platform. This decision reflects our strong belief in the sector’s amazing development potential, as well as our faith in Nazara’s diverse product range, brilliant staff, and unique competitive position. Nazara is a remarkable example of an Indian games company that has successfully extended into international markets and formed worldwide collaborations. In keeping with our attitude, we look forward to actively assisting the management team as they implement their growth strategy and aggressively accelerate progress toward attaining their long-term goals.”