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Block Deal in Nazara Technology: Shares in Focus

28 May 20243 mins read by Angel One
Nazara Technologies’ promoter, Mitter Infotech LLP, has offloaded a 6.38% stake to Plutus Wealth Management LLP through a block deal.
Block Deal in Nazara Technology: Shares in Focus
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On May 27, 2024, Nazara Technologies Limited announced its promoter, Mitter Infotech LLP, had sold 48,84,000 equity shares, indicating 6.38% of the issued share capital to Plutus Wealth Management LLP through an on-market transaction in the block deal window of the stock exchange.

Liquidity to Promoter

The promoters who have contributed 25 years to the expansion of the company will receive liquidity through the Block Trade. Nitish Mittersain will continue to serve as the company’s CEO and junior managing director, and the promoters will still hold ultimate control. The promoters continue to have faith that the company is in a strong financial and strategic position to take advantage of the many opportunities that lie 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.

Management Commentary

“Plutus Wealth Management LLP has been a long-term investor in Nazara since the pre-IPO days and has actively participated in subsequent fundraises as well. This transaction represents a resounding vote of confidence by Plutus in Nazara’s long-term growth prospects, its promoters and management,” said Vikash Mittersain, Promoter, Nazara Technologies Limited.

“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. With its expanded presence in various international markets and global partnerships, Nazara is a notable example of an Indian games company that has been successful in going global,” said Mr Arpit Khandelwal, Managing Partner of Plutus Wealth Management LLP.

He further added, “In continuation to our philosophy, we look forward to actively supporting the management team as they execute their growth strategy and aggressively accelerate progress towards achieving their long-term objectives.”

Prior Acquisitions

Previously, Nazara Technologies Limited announced the acquisition of a 28.12% stake in its subsidiary Next Wave Multimedia Private Limited for a cash consideration of 21,63,46,875 in two tranches. The stake acquisition will help the company strengthen its portfolio of offerings in the virtual interactive sports genre in India and other emerging markets.

On May 27, 2024, the share price of Nazara Technologies Limited opened at ₹590.85 and touched the day high of ₹646.00 at 12:33 PM.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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