Nazara founder Nitish Mittersain is stepping down as managing director of the gaming company and will become a non-executive director, nearly 27 years after he founded the firm.
Mittersain will be designated founder and non-executive director and will cease to be a key managerial person from Tuesday. The company said the move would let its professional leadership team run Nazara’s next phase, while Mittersain continues to advise the board on strategy.
In August, Mittersain 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.
The board meeting also approved a wider leadership reshuffle. CaratLane founder Mithun Sacheti will move from non-executive director to whole-time director, designated executive director, for a five-year term. He will oversee strategic initiatives.
Rohit Sharma, another whole-time director, has resigned to pursue entrepreneurial opportunities. He will leave on January 11, 2027, after serving a three-month notice period.
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Chief financial officer Rakesh Shah has also resigned, effective October 15, to take up a role outside the company. He will provide 90 days of transition support. Arun Agrawal will take over as CFO on October 16. Agrawal is a chartered accountant who was previously global CFO at Ness Digital Engineering and Mastek, and earlier held roles at Firstsource Solutions, GE, Wipro and Tata Motors.
The board also allotted 2.39 crore shares at ₹306 each to five individuals, raising ₹730.78 crore. The largest allottee is CEO Stauffer, who received 1.91 crore shares worth ₹583.5 crore.
Separately, Nazara will put up to $77 million (about ₹742.72 crore) into its UK subsidiary to pay the second instalment owed to the sellers of Bluetile and BestPlay. That is roughly the amount the same sellers have now put back into Nazara through the share allotment.