Nazara Technologies' board has approved an investment of ₹742.72 crore (approximately USD 77 million) in its wholly owned UK subsidiary, Nazara Technologies UK Ltd. According to reports from The Economic Times, the funds will help the subsidiary pay the second tranche of purchase consideration for the acquisition of Bluetile Games SL and Bestplay Systems SL. The investment is expected to support the completion of the acquisition and strengthen Nazara's international gaming business, with the funds to be made through subscription to equity shares subject to applicable laws and regulatory requirements.
Founder Nitish Mittersain has stepped down as managing director after nearly 27 years since founding Nazara Technologies in 1999, and will be re-designated as founder and non-executive director. As reported by Business Standard, Mittersain will cease to be a key managerial person from Tuesday, with the company stating this move would allow its professional leadership team to run Nazara's next phase while Mittersain continues to advise the board on strategy. In August, Mittersain had already stepped down as CEO while continuing as managing director, and the board appointed Bluetile Games founder Raymond A. Stauffer as chief executive from September 1, 2026. Additionally, the board has decided to re-designate Mithun Padam Sacheti from non-executive director to whole-time director and executive director for a period of five years, with Sacheti overseeing strategic initiatives. The leadership changes were approved at a board meeting on October 12, with Mittersain's redesignation effective from the close of business on October 12, subject to shareholder approval.
Chief Financial Officer Rakesh Shah has resigned effective October 15, 2026, to pursue an opportunity outside the company, and will provide 90 days of transition support. According to Business Standard, Arun Agrawal will take over as CFO from October 16. Agrawal is a chartered accountant with more than two decades of experience in finance and business strategy, having previously held senior roles at companies including Ness Digital Engineering, Mastek, Firstsource Solutions, GE, Wipro and Tata Motors. The appointment comes alongside the broader leadership transition as Nazara continues to develop its gaming portfolio and international operations.
The board approved the allotment of 2.39 crore fully paid-up equity shares at ₹306 per share to five individuals, raising approximately ₹730.78 crore. As reported by Business Standard, the largest allottee is CEO Raymond A. Stauffer, who received 1.91 crore shares worth ₹583.5 crore. The shares have a face value of ₹2 each, with the remaining ₹304 per share representing a premium. Five investors were allotted shares under the issue, and following the allotment, Nazara Technologies' paid-up equity share capital increased from around ₹76.94 crore to ₹81.72 crore. The company said it would apply to the stock exchanges for listing and trading approval for the newly allotted shares, with the shares ranking equally with the company's existing equity shares, subject to applicable lock-in requirements and requisite listing and trading approvals.
The board approved the conversion of outstanding loans of up to ₹129.35 crore given to Smaaash Entertainment Pvt Ltd and GBP 23 million, or around ₹294.40 crore, advanced to Nazara UK, into equity share capital. According to The Economic Times, the conversions aim to strengthen the subsidiaries' capital bases, improve their financial positions and support future growth. Both entities will continue to remain wholly owned subsidiaries of Nazara Technologies. The board also approved a preferential allotment of 23,881,711 equity shares, and converted loans into equity at two subsidiaries worth ₹423.75 crores. The decisions collectively combine a change in executive leadership with capital raising, subsidiary-level balance-sheet restructuring and funding for international acquisitions, with Nazara continuing to hold 100% of both subsidiaries following the conversions.
