Nazara Technologies block deals: big stake moves in 2024

Why Nazara’s shareholding moves are in focus

Nazara Technologies has seen a cluster of block and bulk deals involving global institutions, mutual funds, promoters, and marquee individual investors. The transactions have come alongside sharp single-day stock moves, and at a time when the company has been pursuing overseas expansion. Exchange disclosures show both buying interest and significant profit-booking, making Nazara one of the more actively traded names in listed Indian gaming.

Morgan Stanley Asia Singapore picks up ₹69.2 crore stake

Morgan Stanley Asia Singapore Pte bought shares worth ₹69.2 crore in Nazara Technologies through a block deal, according to exchange data. The investment bank purchased 28.85 lakh shares at ₹239.8 per share. The shares were sold by Think India Opportunities Master Fund LP, which offloaded the same number of shares at the same price.

The block deal was reported at a time when Nazara’s stock had been under pressure in the market. While the disclosure confirms the counterparty and the execution price, it does not specify the broader investment rationale or holding horizon.

SBI Mutual Fund sells 2.43% stake via bulk deals

In a separate set of transactions, SBI Mutual Fund sold a 2.43% stake in Nazara Technologies for about ₹216 crore through open-market bulk deals. The fund offloaded over 90 lakh shares, reducing its holding to 3.35% from 5.78%.

Following the sale, Nazara’s stock rose more than 6%, indicating that the market absorbed the supply without immediate pressure on the price. Bulk deals like these typically draw attention because they reveal institutional rebalancing and near-term liquidity in the counter.

Promoter Mitter Infotech sells 6.38% to Plutus Wealth

Nazara disclosed that promoter entity Mitter Infotech LLP sold 48,84,000 equity shares (or 48.84 lakh shares) worth ₹300 crore, representing 6.38% of issued share capital, to Plutus Wealth Management LLP. The on-market transaction took place on May 27, 2024, and was executed at ₹620.50 per share.

Nazara stated the transaction was aimed at providing liquidity to promoters while retaining control, and that Nitish Mittersain would continue as CEO and joint managing director. As per the disclosure, promoters and promoter group entities held 16.43% as of March 31, 2024. Prior to the offload, Mitter Infotech LLP held 13.75% in the company.

Rekha Jhunjhunwala exits fully, stock nears multi-year highs

Nazara’s share price also reacted to the exit of Rekha Jhunjhunwala, who sold her remaining 3% stake worth ₹334 crore via bulk deals on June 13. The sale came as the stock neared a four-year high, and the share price jumped on the day of the move.

Earlier, between June 2 and June 6, she had sold 17.38 lakh shares for an estimated ₹218 crore, reducing her stake from 7.05% to 5.07% at that time, based on bulk deal disclosures. Over a longer period, her holding fell from over 10% in June 2022 to nil after the June 13 transaction.

Another June 13 block deal: ₹190 crore, buyer undisclosed

Separately, a block deal worth ₹190 crore hit the counter on June 13, with 15.42 lakh shares changing hands, representing approximately 1.77% of Nazara’s equity. The transaction was executed at an average price of ₹1,227.50 per share, as reported by CNBC-TV18.

The identity of the buyer or buyers in this specific block deal was not publicly disclosed in the information provided. On the same day, reports also noted the stock surged nearly 8% and hit a 52-week high of ₹1,341.80.

Other investor activity and named shareholders

The disclosures and reports also referenced an entity linked to late investor Rakesh Jhunjhunwala selling 13 lakh shares for ₹159 crore. Other prominent investors mentioned include Madhusudan Kela and Nikhil Kamath.

As of March 2025, Kela held a 1.3% stake, while Zerodha co-founder Nikhil Kamath owned 3.72% through Kamath Associates and NKSquared. Separately, Nazara said it is raising ₹100 crore from Nikhil Kamath to push into the Indian game publishing space.

Global expansion: UK acquisition completed

Nazara has also highlighted overseas growth through acquisitions. On June 12, the company announced its UK-based subsidiary completed the 100% acquisition of Curve Digital Entertainment (CDEL) for about £19.1 million (approximately ₹223 crore).

Following the purchase, CDEL became a step-down subsidiary of Nazara, and multiple CDEL-owned entities including Kuju Limited and Runner Duck Games Limited were also brought under Nazara’s UK structure, as per the exchange filing details shared.

Key transactions and reported market moves

Market impact: what the numbers indicate

The sequence of deals shows Nazara’s free float has been actively traded, with large supply being met by institutional and market demand. The SBI Mutual Fund sale of ₹216 crore coincided with a stock rise of more than 6%, suggesting buying interest despite the size of the offload. The promoter sale of 6.38% to Plutus Wealth was framed as a liquidity event while maintaining promoter control, with management continuity explicitly stated.

Price reaction around June 13 stands out, with multiple stake-related headlines and a block deal of ₹190 crore at ₹1,227.50 average price. The reported move to a 52-week high of ₹1,341.80 indicates heightened participation and strong momentum on that day, even as notable shareholders reduced exposure.

Analysis: why these stake changes matter for investors

For investors, the key takeaway is that Nazara is seeing both rotation and concentration: sellers include mutual funds, promoters, and high-profile individuals, while buyers include global institutions and long-term backers like Plutus Wealth. The range of executed prices across different periods also reflects how quickly sentiment and valuation can change, especially in a relatively concentrated sector like listed gaming.

Nazara’s expansion actions, including the £19.1 million (₹223 crore) UK acquisition, provide context for why the stock continues to attract attention even during ownership churn. Still, the repeated large transactions also mean investors should watch subsequent shareholding disclosures for changes in institutional ownership, promoter stake evolution across reporting dates, and any further capital-raising steps linked to stated growth plans.

Conclusion

Nazara Technologies has recently seen a dense run of block and bulk deals, from Morgan Stanley’s ₹69.2 crore purchase to a 6.38% promoter stake sale and Rekha Jhunjhunwala’s complete exit. Alongside these moves, the company has flagged overseas expansion through its UK acquisition and a planned ₹100 crore fund raise from Nikhil Kamath.

The next set of exchange filings and quarterly shareholding patterns will be important to track whether fresh institutional buying sustains, and how Nazara’s ownership structure settles after multiple large transactions.