Nazara Technologies jumps 18% on 4.9% block deal

What moved the stock on May 15

Shares of Nazara Technologies rallied sharply on Friday, May 15, after a large block deal involving nearly 4.9% of the company’s equity took place during the morning session. The stock rose as much as 18% to an intraday high of Rs 314 on the BSE. Another data point from the day showed Nazara climbing 17.93% to Rs 314.05, taking the company’s market capitalisation to more than Rs 11,500 crore.

At 10:31 am on May 15, the stock was reported trading about 12% higher at Rs 298.3 per share. The price action came amid heavy volumes, with Nazara also featuring among multiple stocks that rallied up to 20% on the BSE in Friday’s intraday trade.

Block deal: what is known so far

CNBC-TV18 reported that 4.9% equity in Nazara Technologies changed hands through large block deals. The report said Zerodha co-founder Nikhil Kamath and existing shareholder Axana Estates were likely among the buyers. Nazara founder Nitish Mittersain was believed to be the seller, according to the same report.

Exchange data cited separately showed a much larger churn in the stock across venues. A combined 60.9 million equity shares representing 16.43% of total equity were reported to have changed hands on the NSE and BSE, although the names of buyers and sellers were not immediately ascertained.

Nazara Technologies declined to comment on the “speculation”, as per the CNBC-TV18 report.

Who are the likely participants

The reported buyers include Nikhil Kamath, co-founder and CEO of stockbroker Zerodha, and Axana Estates, an existing shareholder in Nazara. CNBC-TV18, citing sources, said Kamath was aiming to acquire a total 3.5% stake in the firm in his personal capacity. The report also said Kamath already held about 1% stake in the mobile gaming platform.

On the seller side, CNBC-TV18 indicated that company founder Nitish Mittersain was the likely seller in the block deals.

What the shareholding data showed at the March quarter end

At the end of the March quarter, Nitish Mittersain held a 2.18% stake in Nazara Technologies. Axana Estates LLP held 5.4% at the same time.

These holdings provide context for the market’s focus on promoter and strategic shareholder moves, especially when reported block deals involve a meaningful portion of the equity.

How far the stock had already moved before the block deals

Nazara’s sharp move on May 15 added to an already volatile trading range. The stock had rallied more than 45% from its 52-week low of Rs 216, hit nearly two months earlier.

The May 15 move also placed the stock firmly in the spotlight for momentum traders and institutional desks that track volume-driven price action around block and bulk deals.

Recent corporate actions investors were tracking

Nazara has been active on the M&A front. In March, the company said its UK-based subsidiary would acquire a 50% controlling stake in Spanish social gaming platforms Bluetile Games and BestPlay Systems for $100.3 million.

A regulatory filing outlined the payment schedule for the deal. Of the total consideration, $19.7 million is to be paid at the first close, while the remaining $10.6 million is payable within six months of the first close.

These disclosures added a fundamental layer to the trading action, as investors weighed capital allocation and the strategic rationale behind overseas acquisitions.

Fundraising signals: shareholders’ meeting on September 4

CNBC-TV18 also reported that Nazara is likely to hold a shareholders meeting on September 4 to possibly discuss raising money through issuing equity shares on a preferential basis.

Preferential issues can affect near-term supply dynamics and valuation, so the timing of a potential meeting became another item on the market’s checklist alongside the block deal activity.

Key numbers at a glance

Why this matters for investors

Large block deals can change near-term sentiment because they indicate repositioning by prominent shareholders and can reset expectations around governance and capital allocation. In Nazara’s case, the reported involvement of a well-known market participant such as Nikhil Kamath, along with an existing shareholder like Axana Estates, added to the market’s focus on who is building exposure and why.

At the same time, the company’s disclosed overseas acquisition plans and the mention of a possible preferential issuance discussion on September 4 gave investors additional events to track beyond a single trading session. For the stock, the combination of heavy volumes, price momentum, and multiple ownership and corporate action signals created a high-information day for the market.

Closing note

Nazara Technologies’ May 15 rally was driven by reported block deals and unusually heavy volumes, with CNBC-TV18 pointing to Nikhil Kamath and Axana Estates as likely buyers and founder Nitish Mittersain as the likely seller. The next key checkpoint flagged in reports is the possible September 4 shareholders’ meeting to discuss fundraising through a preferential issue, alongside ongoing attention on the company’s acquisition-related cash outflows and timelines.