Nazara Technologies block deal: Nikhil Kamath and existing shareholder Axana Estates are likely buyers of 1.83 crore shares worth ₹486.10 crore at ₹266 as founder Nitish Mittersain is likely seller — stock up 9.19%
The buyer and seller in Nazara Technologies’ ₹486.10 crore block deal on May 15 have been identified by sources to CNBC-TV18. Zerodha co-founder Nikhil Kamath and Axana Estates, an existing shareholder in the company, are the likely buyers of the 4.9% equity stake, while founder and CEO Nitish Mittersain is the likely seller in the two block deals executed at ₹266 per share in the opening minutes of trade.
The two transactions — one involving 1,47,76,161 shares worth ₹393.05 crore and a second of 35,02,601 shares worth ₹93.05 crore — together represent a combined transfer of 1,82,78,762 shares, or 4.9% of Nazara’s equity, at a price of ₹266 per share. Nazara’s stock rallied sharply on the news, rising 9.19% to ₹290.45 at the time of the CNBC-TV18 report, well above the block deal execution price of ₹266 — a gap of approximately 9.2% that reflects strong secondary market appetite for the stock once the institutional-quality buyer identity became known.
Nikhil Kamath is one of India’s most prominent investor-entrepreneurs, and his entry as a likely buyer in a gaming and sports media platform of Nazara’s scale — at a moment when the company has just closed its largest-ever M&A transaction in Bluetile and BestPlay — signals conviction in the Nazara growth thesis at the current valuation. Axana Estates, already an existing shareholder, is increasing its position rather than rotating out, which the market is reading as a further vote of confidence.
For Nitish Mittersain, the promoter stake sale follows a pattern established in May 2024, when the Mitter Infotech promoter entity sold 6.38% to Plutus Wealth Management through a block deal. Promoter stake monetisation at Nazara has been structured around providing liquidity while bringing in institutional and high-quality strategic investors as shareholders — a dynamic that has historically supported rather than weighed on the stock.
The block deal comes a day after Nazara’s Q4FY26 results, which showed consolidated PAT nearly tripling to ₹46.96 crore from ₹15.86 crore a year ago, against revenue from operations of ₹397.78 crore — down 23.53% year on year reflecting NODWIN Gaming’s deconsolidation. AdTech revenue for FY26 grew 32% to ₹454 crore. The company recently announced the acquisition of a 50% stake in Bluetile and BestPlay for approximately $100.3 million, adding $153.6 million in annualised revenue to the platform at 1.3 times gross revenue and 7.2 times EBITDA.
The board also appointed Mithun Sacheti, founder of CaratLane, as a Non-Executive Director, and Muraarie Rajan as an Independent Director with over 35 years of global M&A advisory experience — both additions that strengthen the board ahead of the company’s next phase of international expansion.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.