Nazara Technologies, an Indian gaming and sports media powerhouse headquartered in Mumbai, Maharashtra, operates across the interactive gaming, esports, and gamified early learning sectors.
On January 20, 2025, Nazara Technologies announced that Arpit Khandelwal, founder and managing partner of Plutus Wealth Management, alongside Mithun Sacheti, founder of CaratLane, have collectively invested ₹495 crore via Axana Estates LLP.
This investment triggers a mandatory open offer due to their collective stake reaching a significant 25.47%, as per regulatory requirements. The preferential allotment, priced at ₹990 per share, grants Axana Estates a 5.4% stake in Nazara Technologies, as disclosed in a stock exchange filing.
With this transaction, Plutus Wealth Management now holds a 10.92% stake, Junomoneta Finsol, an associate of Plutus Wealth, possesses 1.7%, and Khandelwal owns 7.45%. Their combined stake exceeds the 25% regulatory threshold, resulting in the open offer requirement.
Before this deal, Khandelwal and Sacheti, through personal investments and associated entities, held approximately 21% of Nazara Technologies. As part of the agreement, 50 lakh shares will be allocated to Axana Estates.
Nazara Technologies reported a 33% decline in consolidated net profit for Q2 FY25, falling to ₹16.24 crore from ₹24.18 crore in the same period last year. However, operating revenue rose by 7% to ₹318.94 crore.
The company saw a loss of ₹1.86 crore from discontinued operations, compared to a profit of ₹1.68 crore in Q2 FY24. Total expenditure increased by 11%, reaching ₹321.27 crore. The gaming segment grew by 9.34%, generating ₹114.05 crore in revenue, while the esports segment saw a 5.66% rise, contributing ₹181.76 crore.
At 10:23 AM today, Nazara Technologies Ltd. shares traded at ₹1,036.85 per share on the NSE.
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Published on: Jan 21, 2025, 2:14 PM IST
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