Nazara Technologies Announces Key Leadership Changes and Significant Financial Transactions
Nazara Technologies approved leadership changes including Mr. Sacheti's re-designation to Executive Director and Mr. Mittersain's move to Founder & Non-Executive Director. The company also raised ₹730.78 Crores via preferential allotment of 2.38 crore shares. An investment of USD 77 Million (~₹742.72 Cr) was approved for Nazara UK. Additionally, loans of ~₹129.35 Cr (Smaaash) and ~₹294.40 Cr (Nazara UK) will be converted to equity. Mr. Arun Agrawal appointed as new CFO.
The changes in key management roles, substantial equity fundraising, and significant investments in subsidiaries are material events that are expected to have a considerable impact on the company's strategic direction, financial health, and future growth.
The announcement details positive developments including leadership transitions that aim to strengthen the company's strategic direction and significant financial transactions like equity fundraising and strategic investments in subsidiaries.
Nazara Technologies Limited announced several significant changes following its Board of Directors meeting held on October 12, 2026. The company approved the re-designation of Mr. Mithun Padam Sacheti from Non-Executive Director to Whole-time Director and Key Managerial Personnel, effective October 12, 2026. Concurrently, Mr. Nitish Mittersain transitioned from Managing Director to Founder and Non-Executive Director, effective October 12, 2026. The Board also noted the resignation of Mr. Rohit Sharma from Whole-time Director, effective January 11, 2027.
In financial matters, the Board approved the allotment of 2,38,81,711 equity shares at an issue price of ₹306 per share on a preferential basis, raising ₹730.78 crores. This allotment involves shares to Mr. Raymond Albaladejo Stauffer (1,90,67,969 shares), Mr. Marc Sylvester Schutze (28,32,273 shares), Mr. Maxime Loppin (10,03,628 shares), Mr. Alexandre Paul Jean Noirot Cosson (7,10,946 shares), and Mr. Alexander Osou (2,66,895 shares).
Furthermore, Nazara Technologies will infuse up to USD 77.00 Million (approximately ₹742.72 Crores) into its wholly-owned subsidiary, Nazara Technologies UK Limited, to fund the second tranche of the purchase consideration for Bluetile Games, S.L. and Bestplay Systems, S.L. The Board also approved the conversion of outstanding inter-corporate loans into equity. This includes approximately ₹129.35 Crores into Smaaash Entertainment Private Limited and GBP 23.00 Million (approximately ₹294.40 Crores) into Nazara Technologies UK Limited.
Additionally, the company announced changes in its finance leadership. Mr. Rakesh Shah resigned as Chief Financial Officer (CFO) and Key Managerial Personnel, effective October 15, 2026. Mr. Arun Agrawal has been appointed as the new CFO, effective October 16, 2026. The Board meeting commenced at 4:15 p.m. and concluded at 4:40 p.m.
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Nazara Technologies Limited filed this with the NSE as a statutory disclosure, categorised under key management changes. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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