Nazara board approves leadership transition, new CFO, and 731 crore preferential issue
NAZARA · price
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Nazara Technologies announced sweeping board changes and a major capital raise. Founder Nitish Mittersain stepped down as Managing Director to become Founder and Non-Executive Director. Mithun Sacheti was re-designated as Executive Director. Whole-time Director Rohit Sharma will resign effective Jan 11, 2027 to pursue entrepreneurship. CFO Rakesh Shah resigned effective Oct 15, 2026 and will be replaced by Arun Agrawal from Oct 16. The board allotted 2.39 crore equity shares at Rs 306 each to five foreign allottees, raising about Rs 731 crore. It also approved Rs 742.72 crore infusion into its UK subsidiary to fund the second tranche of the Bluetile and Bestplay acquisitions, and converted inter-corporate loans into equity at subsidiaries Smaaash and Nazara UK.
Significant leadership shake-up with founder shifting to advisory role, CFO exit, and equity dilution through preferential issue to fund overseas gaming acquisitions.