Shares of Venky's India Ltd. fell on Tuesday after reports said that the company will acquire UK's Premier League soccer club Blackburn Rovers.
The owners of Venky’s India will reportedly pay 46 million pounds (US$73mn) to purchase the Blackburn Rovers Football Club, the 1995 Premier League champion.
Venky's India is the first Indian company to acquire a Premier League club chairperson Anuradha Desai was quoted as saying.
Blackburn Rovers’ Chairman John Williams further added that a series of meetings, including discussions with the Premier League, have followed an extensive due diligence process.
Both parties are hopeful that the transaction will be completed in November.
Venky's India stock ended the day at Rs 913.75, down Rs 26.35 or 2.8% over the previous close. It earlier touched a day's low of Rs 901 and a day's high of Rs 967.
It had opened at Rs 942. Trading volume was a paltry one lakh shares on BSE but was more than three times the two-week average.
The V.H Group, of which Venkateshwara Hatcheries Pvt. Ltd. is the flagship company, specialises in poultry farming and claims to be the largest fully integrated poultry group in Asia.
Its diversified businesses interests include food processing, animal healthcare and pharmaceuticals.
The Jack Walker Trust put Blackburn up for sale two years ago
In September, investment company Western Gulf Advisory (WGA) said they were conducting due diligence on Rovers.
Blackburn are 17th, one place above the relegation places although only three points away from seventh, in a compressed Premier League with nine points from nine games.
It lost 2-1 to Liverpool two days ago.
Blackburn finished 10th in the Premier League last season.