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Nazara Technologies Board Announces Key Appointments and Acquisition Updates
Team Finance Saathi
17/Dec/2024
What's covered under the article:
- Appointment of Arun Gupta as an Additional Director and Arun Bhandari as Company Secretary & Compliance Officer.
- Updates on acquisitions of Moonshine Technology and Datawrkz Business Solutions.
- Changes in the Key Managerial Personnel and authorization for material event disclosures.
Nazara Technologies Limited, a leading player in the Indian and international gaming and entertainment sector, has announced significant updates following its Board of Directors meeting on December 17, 2024. The meeting covered key appointments, acquisitions, and changes in the Key Managerial Personnel (KMP). These decisions aim to strengthen the company’s governance and enhance strategic growth opportunities.
Key Appointments: The Board of Directors has approved the appointment of Mr. Arun Gupta as an Additional Director (Non-Executive Independent), effective from December 17, 2024. His tenure as an Independent Director will be for a period of five years, subject to shareholder approval. With more than 32 years of experience in investment banking, media, gaming, and technology, Mr. Gupta brings a wealth of expertise. Notably, he has served as an advisor and board member for several major companies, such as Route Mobile, Ching’s Secret, and Sportskeeda.
In addition, Mr. Arun Bhandari has been appointed as the Company Secretary and Compliance Officer (Key Managerial Personnel), effective the same day. Mr. Bhandari, with a background in corporate secretarial functions and legal expertise, brings over 30 years of experience to Nazara. This appointment follows the cessation of Mr. Krunal Wala as the Interim Compliance Officer.
Acquisition Updates: The Board also approved the Amendment Agreement related to the acquisition of Moonshine Technology Private Limited (MTPL). Nazara will acquire 18,69,388 fully paid-up equity shares of MTPL, representing 47.02% of the company’s equity share capital. The total consideration for this acquisition amounts to INR 820.12 Crores, with a combination of share swaps and cash payments.
Further, the extension of the timeline for this acquisition has been noted, now set to be completed by December 31, 2024. Nazara will also execute a Call Option Agreement with MTPL’s founders to acquire up to an additional 1% of the share capital for a consideration of up to INR 25 Crores.
In addition, Nazara Technologies has entered into a Letter Agreement for the extension of the second closing long stop date concerning the acquisition of Datawrkz Business Solutions Private Limited. The acquisition of 14,999 equity shares, representing 22% of the shareholding, will now be concluded by January 31, 2025.
Changes in Key Managerial Personnel (KMP): The updated list of KMP authorized to determine and disseminate the materiality of events as per Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been shared. This includes Mr. Vikash Mittersain, Chairman and Managing Director, Mr. Nitish Mittersain, Joint Managing Director & CEO, and Mr. Rakesh Shah, Chief Financial Officer.