Nazara Bulk Deal: Zerodha Buys Shares Worth ₹93 Cr, Promoter Mitter Infotech Offloads Stake
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Discount brokerage company Zerodha (Zerodha Broking Ltd) has purchased over 35 Lakh shares of listed gaming firm Nazara Technologies on Friday. The deal valued each share at ₹265.85, taking the stake purchase price to ₹93.05 Cr.
Besides Zerodha, Nazara promoter Axana Estates bought 1.48 Cr shares in a bulk deal for ₹392.9 Cr. Axana Estates is a partnership between CaratLane founder Mithun Sacheti and Arpit Khandelwal, founder and managing partner of Plutus Wealth Management.
The shares were offloaded by Nazara’s promoter group entity Mitter Infotech LLP. While the entity offloaded 42 Lakh shares on the NSE, it sold 1.51 Cr shares on the BSE. At the end of the March quarter, Mitter Infotech held 2.26 Cr shares or 6.09% stake in the company.
Meanwhile, it is important to mention that Zerodha’s cofounders Nikhil and Nithin Kamath already held a significant chunk of stake in the gaming company prior to the bulk deal today.
The duo held over 1.3 Cr shares or 3.51% of Nazara’s total equity across two holding entities — NKSquared, Kamath Associates — at the end of the March quarter. Their holding has almost tripled from 32.55 Lakh shares at the end of last March.
However, direct holdings for Zerodha Broking has been restricted to only four stocks as of now, As per data from Trendlyne, the discount brokerage firm holds stake in CarTrade (1.16% stake), Swan Defence (1.04%), Federal Bank (1.02%) and RBL Bank (1.22%).
The bulk deal data comes after reports earlier in the day ascertained that nearly 4.9% of Nazara’s stock had changed hands via large block deals.CNBC-TV18 had earlier reported that existing investors like Zerodha cofounder Nikhil Kamath and Axana Estates picked up additional stake in Nazara while the selling parties included CEO Nitish Mittersain.
Nazara’s stock had soared as high as 18% and hit an intraday high of ₹314 on the BSE amid the buzz around the block deals. Investors then sought to book profits, bringing the stock back down to its closing price of ₹300.10.
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