Nazara Technologies founder Nitish Mittersain has stepped down as managing director, while CaratLane co-founder Mithun Padam Sacheti is taking on an executive role at the firm, the gaming company informed exchanges on Monday.
The company also announced the resignation of its CFO, Rakesh Shah.
Mittersain's re-designation as founder and non-executive director takes effect from the close of business hours on Monday, the company said in the filing. He will cease to be a key managerial personnel from October 13.
The change is part of a leadership transition that will allow the professional leadership team to lead the company's “next phase”, while Mittersain continues to provide strategic guidance to the board, Nazara said in the filing.
Mittersain founded Nazara in 1999. Under his leadership, it became India's first publicly listed gaming company in 2021.
The board approved re-designating Sacheti, currently a non-executive director, as whole-time director and executive director for a five-year term starting October 12. He will oversee strategic initiatives and other operational responsibilities assigned by the board.
Whole-time director Rohit Sharma has resigned to pursue entrepreneurial opportunities. His resignation takes effect from the close of business hours on January 11, 2027, after a three-month notice period.
Chief Financial Officer Rakesh Shah has also resigned, effective from the close of business hours on October 15, to pursue a professional opportunity outside the company. He will provide transition support for 90 days.
Arun Agrawal will take over as CFO from October 16. A chartered accountant, Agrawal brings over two decades of experience, and was previously global CFO at Ness Digital Engineering and at Mastek. Before that, he held leadership roles at Firstsource Solutions, General Electric, Wipro and Tata Motors.
The board also approved allotting 2,38,81,711 equity shares at Rs 306 apiece on a preferential basis to five individuals, aggregating about Rs 730.78 crore. Raymond Albaladejo Stauffer, the firm's new CEO, was allotted the largest block of 1,90,67,969 shares, worth about Rs 583.48 crore.
Mittersain had tendered his resignation as Chief Executive Officer (CEO), effective September 1, 2026. The board also approved an infusion of up to USD 77 million (about Rs 742.72 crore) into its wholly owned subsidiary, Nazara Technologies UK.
The money is to fund the second tranche of the purchase consideration payable to the sellers of Bluetile Games and Bestplay Systems, which Nazara is acquiring. Earlier this year, Nazara said its UK-based subsidiary will acquire a 50 per cent controlling stake in Spanish social gaming platforms Bluetile Games and BestPlay Systems for USD 100.3 million (about Rs 918 crore).
Of the total cash consideration, USD 59.7 million (about Rs 546 crore) will be paid at the first close, while the remaining USD 40.6 million (about Rs 372 crore) is payable within six months of the first close, the company had said.
The company's board also approved on Monday converting loans of about Rs 129.35 crore given to its subsidiary Smaaash Entertainment, and GBP 23 million (about Rs 294.40 crore) given to Nazara UK, into equity in the two subsidiaries.
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