Nazara Technologies Approves Director Changes, CFO Appointment, and Significant Investments
Nazara Technologies approved director re-designations and a resignation, with Mr. Rohit Sharma stepping down as Whole-time Director effective Jan 11, 2027. The company also allotted 2,38,81,711 equity shares for ₹730.78 crore and will invest up to USD 77 million in its UK subsidiary. Additionally, inter-corporate loans of ₹129.35 crore (Smaaash) and GBP 23 million (Nazara UK) will be converted to equity.
The significant equity infusion, investment in a subsidiary, and conversion of loans into equity for strengthening subsidiaries point to substantial strategic and financial impact on the company's future operations and growth.
The announcement details strategic investments, leadership changes aimed at long-term growth, and successful equity fundraising, all indicative of positive company development.
Nazara Technologies Limited's Board of Directors, in a meeting held on October 12, 2026, approved several key changes and strategic initiatives. Mr. Mithun Padam Sacheti was re-designated from Non-Executive Director to Whole-time Director and Key Managerial Personnel, effective October 12, 2026, subject to shareholder approval.
Mr. Rohit Sharma resigned from his position as Whole-time Director, effective January 11, 2027, to pursue entrepreneurial opportunities. The Board also approved the re-designation of Mr. Nitish Mittersain from Managing Director to Founder and Non-Executive Director, effective October 12, 2026, pending shareholder approval. Mr. Mittersain will continue to provide strategic guidance.
In a significant financial move, the company approved the allotment of 2,38,81,711 equity shares at an issue price of ₹306 per share, on a preferential basis, aggregating ₹730.78 crore. This allotment was made to five individual investors, including Mr. Raymond Albaladejo Stauffer and Mr. Marc Sylvester Schutze.
The Board also approved the infusion of 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 the acquisition of Bluetile Games, S.L. and Bestplay Systems, S.L.
Furthermore, Nazara Technologies approved the conversion of outstanding inter-corporate loans into equity share capital. 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. These conversions aim to strengthen the capital base and financial position of the subsidiaries.
Additionally, the Board noted and accepted the resignation of Mr. Rakesh Shah as Chief Financial Officer (CFO), 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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