CSK not part of UltraTech & India Cements transaction

Mumbai: Indian Premier League (IPL) franchise Chennai Super Kings (CSK) will remain outside the ambit of the transaction between India Cements promoters and UltraTech Cement that was announced on Sunday.

Chennai Super Kings Cricket acquired CSK from India Cements on February 20, 2015. India Cements promoter N Srinivasan, along with his family members, owns a 28.14% stake in the Chennai Super Kings Cricket in his personal capacity, as per the company's regulatory filings.

EWS Finance and Investments, a company owned by Srinivasan and his family members, holds a 21.47% stake in the franchise. Srinivasan's daughter Rupa Gurunath owns 6.48% as the trustee of the Financial Service Trust and Securities Services Trust.


India Cements Shareholders Trust held a 1.76% stake in FY23.

On Sunday, UltraTech's board of directors approved the purchase of a 32.72% equity stake in India Cements from the promoters and associates. This follows the acquisition of 22.77% equity of India Cements at ₹268 per share by UltraTech in June. Public shareholders own 70% stake in the IPL franchise, with individual Indian shareholders holding 22.2% of the company.

The shareholding of Life Insurance Corporation of India, Life Insurance Corporation of India P & GS Fund, and LIC of India Market Plus Growth Fund stood at 6.04%.

Foreign institutional investors (FII) own a 21.61% stake in the company. Some of the key FII investors in CSK include ELM Park Fund, HC Capital Trust, and BNY Mellon International, among others.

CSK, a five-time IPL titleholder, experienced a 56% decrease in net profit to ₹14 crore in FY23 and a 7% decrease in revenue to ₹325 crore.