Promoter of this small-cap company sold 48,84,000 shares, Rekha Rakesh Jhunjhunwala owns 8.52 per cent of the company!

Promoter of this small-cap company sold 48,84,000 shares, Rekha Rakesh Jhunjhunwala owns 8.52 per cent of the company!

Rakesh Deshmukh
/ Categories: Trending, Mindshare

FIIs and DIIs owns 9.44 per cent and 16.80 per cent of the company as per the recent update.

In a recent development, India's foremost gaming and esports conglomerate has witnessed a significant transaction within its ownership structure. Mitter Infotech LLP, a prominent promoter of Nazara Technologies, has divested a portion of its equity stake to Plutus Wealth Management LLP through a block deal on May 27, 2024. This strategic move marks a milestone for both companies and underscores the growing confidence in India's gaming and esports sector.

Also read This stock turned Rs 10,000 into Rs 1.16 CRORE in just 3 years and created exceptional wealth!

The block trade involved the sale of 48,84,000 equity shares, representing 6.38 per cent of Nazara Technologies' issued share capital, from Mitter Infotech LLP to Plutus Wealth Management LLP. This transaction not only provides liquidity for the promoters, who have dedicated 25 years to Nazara's growth journey but also reaffirms their commitment to retaining control of the company. Nitish Mittersain, the CEO & Joint Managing Director of Nazara Technologies, will continue to lead the company, ensuring continuity and stability in its management.

Plutus Wealth Management LLP, an existing investor in Nazara since 2020, has demonstrated strong confidence in the company's prospects by increasing its shareholding through this block trade. Vikash Mittersain, a promoter of Nazara Technologies, expressed his gratitude, stating, "Plutus Wealth Management LLP has been a long-term investor in Nazara since the pre-IPO days and has actively participated in subsequent fund raises as well."

The decision by Plutus Wealth Management LLP to increase its stake in Nazara Technologies reflects a resounding vote of confidence in the company's long-term growth prospects, its promoters, and management. Mr. Arpit Khandelwal, Managing Partner of Plutus Wealth Management LLP, emphasized the rationale behind their investment, stating, "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."

Nazara Technologies stands out as India's only listed gaming and esports company with majority ownership of several leading gaming and esports brands, both domestically and internationally. Its diversified portfolio includes NODWIN Gaming, India's leading esports platform, and Sportskeeda/Pro Football Network in the sports media space. Furthermore, Nazara's offerings extend to gamified early learning ecosystems such as Kiddopia and Animal Jam, as well as popular cricket simulation franchises like the World Cricket Championship (WCC).

The company shares are trading at around Rs 634.35 representing a gain of 3.22 per cent compared to Friday’s closing levels.

Investors must keep this Small-Cap stock on their radar.

Disclaimer: The article is for informational purposes only and not investment advice.

DSIJ's 'Value Pick' service recommends long-term stocks based on Value Investing Philosophy. If this interests you, do download the service details here.

Previous Article Volume shockers: Top 5 stocks from Nifty 500 attracted heavy volumes in the first hour today!
Next Article Promoters bought 6,18,19,504 shares & FIIs bought 2.57 per cent stake: Auto components company bags orders worth Rs 60 crore & announce positive results!
Rate this article:
4.4

DALAL STREET INVESTMENT JOURNAL - DEMOCRATIZING WEALTH CREATION

Principal Officer: Mr. Shashikant Singh,
Email: principalofficer@dsij.in
Tel: (+91)-20-66663800

Compliance Officer: Mr. Rajesh Padode
Email: complianceofficer@dsij.in
Tel: (+91)-20-66663800

Grievance Officer: Mr. Rajesh Padode
Email: service@dsij.in
Tel: (+91)-20-66663800

Corresponding SEBI regional/local office address- SEBI Bhavan BKC, Plot No.C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra.
Tel: +91-22-26449000 / 40459000 | Fax : +91-22-26449019-22 / 40459019-22 | E-mail : sebi@sebi.gov.in | Toll Free Investor Helpline: 1800 22 7575 | SEBI SCORES | SMARTODR