The Chennai Super Kings (CSK), one of the original IPL teams formed in 2008 as a division of India Cements, became an independent entity when India Cements sold its entire stake to a trust.
The stake held by the India Cements Shareholders Trust dropped to 1.76 percent in FY23, down from over 30 percent the previous year.
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There won’t be any changes in the ownership of the Chennai Super Kings (CSK) cricket team for now, even though the India Cements promoters, led by N. Srinivasan and his family, are selling their stake in India Cements to UltraTech Cement. The sale will not affect the shareholding in CSK, where Srinivasan and his family currently hold a 28.14% stake.
UltraTech Cement’s recent announcement reveals they are buying a 32.72% stake in India Cements from its promoters, which adds to the 22.77% stake they purchased earlier. This new purchase amounts to about Rs 3,954 crore and will raise UltraTech’s total stake in India Cements to 55.49%, which means they will have to make a mandatory open offer to other shareholders at the same price.
The Chennai Super Kings’ annual report lists several promoters and their stakes, including EWS Finance and Investments with 21.47%, Rupa Gurunath with 6.48%, and N. Srinivasan with a small 0.14% stake, among others.
