On the eve of IPL (Indian Premier League) players’ auction on Saturday, Kotak Mahindra AMC invited bids for one lakh shares of the unlisted Chennai Super Kings (CSK).
The bids for CSK will be valid for 30 days from the February 14 bid closure date, Kotak Mahindra AMC said in a statement.
The AMC had landed the CSK shares when it was demerged from India Cements Ltd. Although there was intense speculation in the media, CSK shares have remained unlisted.
And since the CSK listing is still in the realm of speculation, Kotak Mahindra AMC has chosen to explore the bidding route to offload the shares.
In a way, the move will help to establish the valuation of the unlisted CSK which has won the IPL four times.
Chennai Super Kings Ltd had reported a profit of Rs 40.26 crore for the year ended March 2021, down from Rs 50.33 crore in 2019-20.
It reported revenue of Rs 253.69 crore for the year ended March 2021, down from Rs 356.53 crore in the preceding year. Profit before interest, depreciation, and exceptional items stood at Rs 67.79 crore (versus Rs 74.26 crore a year ago). The finance cost was Rs 5.26 crore (versus Rs 5.337 crore a year ago).
Depreciation/amortisation claimed Rs 3.33 crore (Rs 1.63 crore). Profit before tax stood at Rs 59.19 crore (Rs 67.25 crore). It provided for a current tax of Rs 17.63 crore (Rs 16.97 crore). Deferred tax stood at Rs 1.29 crore (Rs 6.41 lakh).
During the year under review, the authorised share capital of the company was increased from Rs 3,13,16,000 (divided into 31,31,60,000 equity shares of 10 paise each) to Rs 6,00,00,000 (divided into 60,00,00,000 equity shares of 10 paise each).
The company acquired the Chennai franchise of BCCI-IPL namely “Chennai Super Kings” from India Cements Ltd on February 20, 2015.
Surely, the response to Kotak move on CSK share front will be keenly watched by many.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
