RPSG Ventures shares gain 5% on 70% stake purchase in Manchester Originals

RPSG Ventures shares rose 5 per cent after its subsidiary acquired over 70 per cent stake in a professional cricket franchise based in Manchester

Shares of RPSG Ventures rose over 5 per cent on Tuesday after the company's subsidiary acquired over 70 per cent stake in a professional cricket franchise based in Manchester, England, for ₹860 crore. 

 

The company's stock rose as much as 5.09 per cent during the day to ₹999.9 per share, the biggest intraday rise since July 24 this year. The stock pared gains to trade 2.4 per cent higher at ₹974 apiece, compared to a 0.1 per cent advance in Nifty 50 as of 11:55 AM. 

 

Shares of the company have risen about 10 per cent from their recent lows of ₹876 per share in early July. The counter has fallen 5.4 per cent this year, compared to a 4.5 per cent advance in the benchmark Nifty 50. RPSG Ventures has a total market capitalisation of ₹3,221.46 crore.   Track LIVE Stock Market Updates Here

 

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RPSG acquires 70% stake in Manchester Originals 

RPSG Sports Ventures Pvt. Ltd., a subsidiary of the RPSG Group, acquired a 70 per cent equity stake in Manchester Originals Limited, a professional cricket franchise based in Manchester, England, according to an exchange filing on Monday.

 

The acquisition, valued at £81.21 million (approximately ₹860 crore), was completed on the date of this announcement, making Manchester Originals a subsidiary of RPSVPL and a step-down subsidiary of the parent company, the company said in a statement. 

 

The deal was executed through a Share Purchase Agreement with the England and Wales Cricket Board (ECB), with the consideration to be paid over a period of 24 months as outlined in the agreement. RPSVPL has also entered into related transaction documents with ECB, Manchester Originals Ltd., Lancashire County Cricket Club (LCCC), and other involved parties.

 

Manchester Originals represent the county of Lancashire in 'The Hundred', a professional 100-ball cricket competition in England.  

About RPSG Ventures

The company is an investment firm that seeks to back early-stage companies, particularly in sectors such as consumer products, technology, and healthcare. RPSG Ventures Limited, along with its subsidiaries, operates a diversified portfolio of businesses, including information technology (IT) services, business process management (BPM), fast-moving consumer goods (FMCG,) including ayurvedic formulations, real estate and sports.