Blockbuster Deal: Mitter Infotech Sells 6.38% Nazara Stake to Plutus Wealth

Mitter Infotech sold a 6.38% stake in Nazara Technologies to early investor Plutus Wealth Management through a block deal on May 27, involving 48.84 lakh shares.
Blockbuster Deal Mitter Infotech Sells 6.38% Nazara Stake to Plutus Wealth

Nazara Technologies saw a notable transaction as promoter Mitter Infotech sold a 6.38% stake, totaling 48.84 lakh shares, to Plutus Wealth Management via a block deal on May 27. Plutus has been an early investor in Nazara since 2020.

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Following the deal, Mitter Infotech retains a 10% holding in Nazara. The sale aimed to provide liquidity to the promoters, with no further plans to sell shares announced.

Nazara Tech’s stock hit a 52-week high post-transaction, reflecting a positive market reaction. This development reaffirms Plutus Wealth Management’s continued investment commitment to the gaming firm.

Financially, Nazara experienced a downturn with a profit of just Rs 18 lakh last week, a significant decrease from Rs 9.4 crore the previous year. This drop was largely due to Rs 16.87 crore in losses from discontinued operations, including write-offs in legacy ventures like Halaplay.

Revenue also dipped by 8% year-over-year to Rs 266.2 crore for the quarter, compared to Rs 289.3 crore in the same period last year, indicating some challenges despite the high-profile stake sale.

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