Late Rakesh Jhunjhunwala’s Estate Fully Exits Nazara with INR 770 Cr Stake Sale
The estate of the veteran investor offloads 5.07% holding as Nazara undergoes shareholder shake-up
The estate of the late investor Rakesh Jhunjhunwala has completely exited Nazara Technologies, selling off its remaining 5.07% stake in the gaming company through open market transactions, according to stock exchange filings.
Breakdown of Share Sale
- On June 13, the estate sold 27.23 lakh shares at an average price of INR 1,225.19, amounting to INR 159.27 Cr, per BSE data.
- Prior to this, between June 9–12, the estate had offloaded 17.21 lakh shares (1.96% stake).
- As of June 6, the estate held 44.45 lakh shares, or a 5.07% stake.
This follows additional sales by Rekha Jhunjhunwala, the executor of the estate, who sold over 61 lakh shares in June, including:
- 13.1 lakh shares between June 2–5
- 4.3 lakh shares on June 6
The total exit is estimated at INR 770 Cr, yielding a fourfold return on the original investment of INR 180 Cr made in 2017–18.
Nazara’s Shifting Ownership Landscape
The stake sale aligns with a broader shift in Nazara’s cap table.
In May, the Competition Commission of India (CCI) approved an acquisition proposal by:
- Axana Estates LLP
- Plutus Wealth Management LLP
- Junomoneta Finsol
The acquirers plan to buy a 26% stake (2.4 Cr shares) at INR 990 per share, totaling INR 2,384.2 Cr.
Notably:
- Arpit Khandelwal (Plutus, Axana) already owns 7.87%
- Mithun and Siddharth Sacheti (CaratLane) are also involved in Axana
- Junomoneta held 1.8% stake in Nazara as of Q4 FY25
Market Performance and Growth Strategy
Nazara’s stock has shown strong performance:
- Up 42.47% over the past 3 months
- 31% gain YTD
Growth is driven by a diversification strategy, including acquisitions such as:
- Pokerbaazi
- Kiddopia
- Smaaash
Financial Snapshot: FY25
- Profit: INR 51 Cr, down 32% YoY
- Revenue: INR 1,623.9 Cr, up 43% YoY
While Nazara’s profitability has dipped, its growing revenue and strategic expansions have helped sustain investor interest during a pivotal reshuffle in shareholder structure.
