Financial advisory firm Plutus Wealth Management LLP and its associates have bought shares worth Rs 500 crore in Rakesh Jhunjhunwala-backed mobile gaming startup Nazara Technologies. The shares have been purchased from Nazara’s early investor WestBridge Ventures’ private equity fund WestBridge Ventures II Investment Holdings in a secondary transaction to provide latter the complete exit from the gaming company that had developed popular games such as World Cricket Championship, Chhota Bheem Race, Motu Patlu Race, etc. WestBridge Ventures had put around Rs 22.6 crore in Nazara and obtained sales consideration of around Rs 1000 crore from its investment.
“We believe gaming will be a prominent form of entertainment and will do well in the next decade. We believe that Nazara is well-placed to leverage on the vast available opportunity,” said Arpit Khandelwal, Partner, Plutus Wealth Managing in a statement. With the latest deal, Nitish Mittersain who heads Nazara Technologies said the company is seeing Plutus as a ‘long term investor’ in the company. The secondary exit has come ahead of the company’s planned IPO this year.
As per UnlistedZone estimate;
” As on 31.03.2020, the West-Bridge has 6,121,210 equity shares in the Nazara Technology. So, if we go by this news where Plutus Wealth Management is buying all the shares of West-Bridge for consideration of Rs.500 Crores, per share value comes out to be around 810 per share“.
About Plutus Wealth Management
Plutus Wealth LLP is an award winning Independent Financial Advisers based in central London. They provide independent advice and wealth management to companies and individuals. They have a diverse range of clients and specialise in those new to financial planning. Plutus brings together experienced, able and highly regarded individuals, our emphasis is on building strong, long lasting, personal relationships with our clients. We pride ourselves on giving a fresh perspective to clients and their financial affairs.
Source: Economic Times