“The block trade will provide liquidity for the promoters who have dedicated 25 years to the company’s growth. The promoters will retain control of the company, with Nitish Mittersain continuing in his current role as CEO and joint managing director,” Nazara said in a stock exchange filing.
Plutus Wealth has been an investor in Nazara Tech since 2020.
“This decision underscores our strong conviction in the phenomenal growth opportunity that the sector offers and our confidence in Nazara’s diversified product portfolio, talented team, and unique competitive position,” said Arpit Khandelwal, managing partner, Plutus Wealth.
Nazara Technologies has reported a 43% increase in quarterly profit after tax (PAT) from continued operations. Profit after tax for the March quarter of FY24 stood at Rs 17 crore, while operating revenue came in at Rs 266 crore, down by 8% from a year ago, the company said on Saturday.
For the full year, revenue was up by 4.3% from FY23 to Rs 1,138 crore while PAT from continued operations was 41% higher at Rs 89 crore.