Nazara Tech promoter sells 6.3 pc equity to Plutus Wealth Management

New Delhi, May 27 (IANS) Gaming and sports media platform Nazara Technologies, on Monday, said that its promoter Mitter Infotech has sold 48.84 lakh equity shares, or 6.36 per cent of its stake in the company, to Plutus Wealth Management.

The block stock deal will provide liquidity for the promoters who will retain control of the company, with Nitish Mittersain continuing in his current role as CEO and Joint Director, the company said in a regulatory filing.

“Plutus Wealth Management has been a long-term investor in Nazara since the pre-IPO days and has actively participated in subsequent fund raises as well,” said Vikash Mittersain, Promoter, Nazara Technologies.

“This transaction represents a resounding vote of confidence by Plutus in Nazara’s long-term growth prospects, its promoters and management,” he added.

Nazara Technologies clocked a net profit of Rs 17.1 crore in the January-March quarter of FY24, up 43.6 per cent compared to Rs 11.9 crore in the same period in the last fiscal year.

“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,” said Arpit Khandelwal, Managing Partner of Plutus Wealth Management.

“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,” he added.

The company operates in gaming (World Cricket Championship, Kiddopia, Animal Jam, Classic Rummy etc), esports (Nodwin Gaming, Sportskeeda) and advertising (Datawrkz).

It just acquired a 100 per cent stake in Nextwave Multimedia, developers of mobile cricket games under the 'World Cricket Championship' franchise.