Nazara Technologies, a well-known gaming and sports media platform, stated on Monday that its promoter Mitter Infotech has completed the sale of 48.84 lakh equity shares, or 6.36 percent of its holding, to Plutus Wealth Management.
This block stock transaction intends to give liquidity to the promoters while ensuring their continued control over the company.
Nitish Mittersain will continue serving in his current capacities as CEO and Joint Director, as per the company's regulatory filing.
Vikash Mittersain, the Promoter of Nazara Technologies, expressed “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."
"This transaction is a resounding vote of confidence by Plutus in Nazara's long-term growth prospects, its promoters and management," said Vikash Mittersain.
The company generated a net profit of Rs 17.1 crore in Q4FY24, up 43.6% from Rs 11.9 crore in the same quarter the previous fiscal.
"Extremely delighted to announce that we have further increased our stake in Nazara Technologies Limited, India's leading diversified gaming and sports media platform," stated Arpit Khandelwal, Managing Partner, Plutus Wealth Management.
Khandelwal added, "With its expanded footprint across diverse international markets and global partnerships, Nazara remains a notable example among Indian games companies to have successfully gone global."
Nazara Technologies operates across gaming (including titles like World Cricket Championship, Kiddopia, Animal Jam, and Classic Rummy), esports (Nodwin Gaming, Sportskeeda), and advertising (through Datawrkz).
Nazara recently completed the acquisition of a 100 percent stake in Nextwave Multimedia, known for developing mobile cricket games under the 'World Cricket Championship' franchise.
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