RPSG Ventures share price up 5% on bid win for Lucknow IPL team

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RPSG Ventures share price added over 5 percent intraday on October 26 after RP-Sanjiv Goenka Group (RPSG) won the bid to buy the Lucknow team in the Indian Premier League.

RPSG Ventures has been declared to be one of the successful bidders at the bidding process conducted by the BCCI at Dubai.

Board of Control for Cricket in India (BCCI) issued the invitation to tender (ITT) on 31 August 2021, for the right to own and operate one of the two new franchises to be introduced to take part in the Indian Premier League (IPL) from and including the 2022 season.

Also Read - Expect Lucknow IPL team to command Rs 10,000 crore valuation in 5 years: RPSG Group's Sanjiv Goenka

As per the terms of the bid and ITT, the Lucknow Franchise of the IPL at Bharat Ratna Shri Atal Bihari Vajpayee Ekana Cricket Stadium, shall be owned and operated, by the company along with private / unlisted companies of RP-SG Group, through a newly incorporated company.

The gross payment for the new franchise is Rs 709 crore per year, payable for a period of 10 years in accordance with the terms of the ITT, and the new franchise shall be entitled to receive share of the Central Rights income as per relevant rules of BCCI, company said.

The above is subject to definitive documentation with BCCI and other formalities being completed in terms of the ITT, including letter of intent, it added.

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At 09:25 hrs RPSG Ventures was quoting at Rs 871.45, up Rs 25.75, or 3.04 percent on the BSE.

The share touched a 52-week high of Rs 1,147.15 and a 52-week low of Rs 211.05 on 20 September, 2021 and 02 November, 2020, respectively.

Currently, it is trading 24.03 percent below its 52-week high and 312.91 percent above its 52-week low.