Board clears preferential allotment at ₹306/share, leadership re-designation, CFO change and unit funding

Nazara board meeting outcome (Oct 12, 2026).

Mon 12 Oct 2026

Preferential Allotment

2,38,81,711 equity shares at ₹306 each

Total Allotment Amount

₹7,30,78,03,566

Total Equity Shares Post Allotment

40,85,77,735

Board meeting on October 12, 2026

The Board of Nazara Technologies met on October 12, 2026 and approved changes across leadership, a preferential allotment of shares, and funding for two wholly owned subsidiaries.

Leadership changes

• Mr. Mithun Padam Sacheti has been re-designated from Non-Executive Director to Whole-time Director and Key Managerial Personnel, designated as Executive Director, with effect from October 12, 2026, subject to the approval of the shareholders. He will oversee strategic initiatives and such operational responsibilities as may be assigned by the Board.
• Mr. Nitish Mittersain, who founded the company in 1999, will move from Managing Director to Founder and Non-Executive Director with effect from close of business hours on October 12, 2026. The update describes this as a leadership transition in which the professional leadership team leads the next phase, while he continues to provide strategic guidance to the Board.
• Mr. Rohit Sharma's resignation from the office of Whole-time Director takes effect from close of business hours on January 11, 2027. The update states he has decided to pursue entrepreneurial opportunities.
• Mr. Rakesh Shah's resignation as Chief Financial Officer takes effect from close of business hours on October 15, 2026, to pursue a professional opportunity outside the company. The Board approved the appointment of Mr. Arun Agrawal as Chief Financial Officer with effect from October 16, 2026, based on the recommendation of the Nomination, Remuneration and Compensation Committee.

Preferential allotment of shares

• The Board approved the allotment of 2,38,81,711 fully paid-up equity shares on a preferential basis by way of private placement, at an issue price of ₹ 306/- per equity share.
• The total amount for the allotment is ₹ 7,30,78,03,566. The five allottees named are Mr. Raymond Albaladejo Stauffer, Mr. Marc Sylvester Schutze, Mr. Maxime Loppin, Mr. Alexandre Paul Jean Noirot Cosson and Mr. Alexander Osou.
• Before this allotment the company had 38,46,96,024 equity shares; after the allotment the total number of equity shares is 40,85,77,735.
• The shares allotted rank pari passu with the existing equity shares, including entitlement to dividends and other corporate benefits, if any, and are subject to lock-in requirements under the applicable provisions of Chapter V of the ICDR Regulations. The company has received in-principle approvals from BSE Limited and National Stock Exchange of India Limited for the preferential issue, and will apply for listing and trading approvals.

Funding and loan conversions for subsidiaries

• The Board approved infusion of funds aggregating up to ₹ 742.72 Crores into Nazara Technologies UK Limited, a wholly owned subsidiary, by way of subscription to its equity shares, in one or more tranches. The update states this is intended to fund the second tranche of the purchase consideration payable to the sellers of Bluetile Games, S.L. and Bestplay Systems, S.L., and to strengthen the international gaming portfolio.
• The Board approved conversion of an outstanding inter-corporate loan aggregating up to ₹ 129.35 Crores into equity share capital of Smaaash Entertainment Private Limited, a wholly owned subsidiary. The company had extended this financial assistance pursuant to a resolution plan approved under Smaaash's Corporate Insolvency Resolution Process and under an Inter-Corporate Loan Agreement, which gives the company a right to convert the whole or part of the outstanding loan into equity shares.
• The Board also approved conversion of an outstanding loan of up to ₹ 294.40 Crores advanced to Nazara Technologies UK Limited into its equity share capital, to strengthen its capital base and net worth position.
• The number of shares to be issued on these conversions will be determined based on a valuation report from an independent valuer. Smaaash and Nazara UK will continue to remain wholly owned subsidiaries, with no change in ownership or control.

What investors may weigh

• The update carries several senior management changes together: the founder moving from an executive role to a non-executive role, a new Executive Director, and a change of Chief Financial Officer.
• The preferential allotment adds to the number of equity shares; existing holders can compare the new shares with the earlier base of 38,46,96,024 shares and the resulting 40,85,77,735 shares.
• The infusion into Nazara UK is linked in the update to completing an acquisition transaction, while the two loan-to-equity conversions are internal capital measures for the subsidiaries.

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