RPSG Ventures gains over 1.5% after successful bid for new Indian Premier League Franchise of Lucknow

The gross payment for the new franchise is Rs709cr per year, payable for a period of 10 years in accordance with the terms of the ITT.

Oct 26, 2021 10:10 IST India Infoline News Service

RPSG Ventures Limited has been declared to be one of the successful bidders at the bidding process conducted by the BCCI in Dubai. The company had responded to the Invitation to Tender (ITT) issued by the Board of Control for Cricket in India (BCCI) on August 31, 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.

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 Rs709cr 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.

“The above is subject to definitive documentation with BCCI and other formalities being completed in terms of the ITT, including letter of intent,” company said in a filing on Monday.

At around 10.16 am, RPSG Ventures Limited was trading at Rs859.70 per piece up Rs14.00 or 1.66% on the BSE.

Related Story

Open Free Demat Account (Rs699)
Open ZERO Brokerage Demat Account

  • 0

    Delivery Brokerage for Lifetime

  • 20

    Per order for Intraday, F&O, Currency & Commodity