Stocks

Plutus Wealth, associates buy Nazara shares worth ₹500 crore from WestBridge

Our Bureau Mumbai | Updated on January 05, 2021 Published on January 05, 2021

Manish Agarwal, CEO, Nazara Technologies

Deal marks WestBridge’s exit from the online gaming platform

Plutus Wealth Management and associates have bought shares worth ₹500 crore in Nazara Technologies Ltd from a fund managed by India-focused investment firm, WestBridge Capital. The deal marks the exit of WestBridge Capital from Nazara, an early investor in the online gaming platform since 2005.

The shares were purchased from WestBridge Ventures II Investment Holdings.

WestBridge Ventures had invested a total of ₹22.6 crore in Nazara and obtained a sales consideration of about ₹1,000 crore from its investment.

Earlier in November 2017, the IIFL Special Opportunities Fund had bought shares worth ₹327 crore and later in December 2017 investor Rakesh Jhunjhunwala had bought shares worth ₹182 crore from WestBridge Ventures.

“We believe gaming will be a prominent form of entertainment and will do well in the next decade. We expect that Nazara is well-placed to leverage on the vast opportunity,” Plutus Wealth Managing Partner, Arpit Khandelwal, said.

Plutus invests in equity and equity-related instruments of high-growth businesses.

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Published on January 05, 2021
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