Nazara Tech Promoter Sells Stake to Plutus Wealth Management

New Delhi, May 27 (PTI) Nazara Technologies' promoter Mitter Infotech has sold 48.8 lakh equity shares, representing 6.38 per cent stake to existing investor Plutus Wealth Management through a block deal, according to a release on Monday.

The promoters of Nazara Technologies will retain control of the company, with Nitish Mittersain continuing in his current role as CEO and joint Managing Director.

"Mitter Infotech LLP, a promoter of Nazara Technologies Limited, has sold 48,84,000 equity shares, representing 6.38 per cent of the issued share capital to Plutus Wealth Management LLP through an on-market transaction in the block deal window of the stock exchange on May 27, 2024," the release said.

According to the release, the block trade will provide liquidity for the promoters who have dedicated 25 years to the company's growth.

"The promoters remain confident that the company is strategically and financially well positioned to capitalise on the numerous opportunities ahead," it said.

Plutus Wealth Management LLP has been an investor in Nazara since 2020 (pre-IPO) and has demonstrated strong confidence in the company's prospects by increasing its shareholding via this block trade, it added.