United Spirits Limited (USL) has announced the sale of 14,690 equity shares of its wholly-owned subsidiary, Royal Challengers Sports Private Limited (RCSPL), for a total consideration of ₹166.6 billion. This transaction is subject to adjustments and other conditions outlined in the Share Purchase Agreement (SPA) dated March 24, 2026.
The SPA was executed between USL, RCSPL, and several buyers, including Bolt IPL Holdings LLC, Aelius Investments Pte Ltd, Asia Investment Topco II Pte. Ltd., Times Internet Limited, and Metropolitan Media Company Limited. The agreement was approved during a board meeting held on March 24, 2026.
Upon completion of the transaction, USL will no longer hold any shares in RCSPL, and RCSPL will cease to be a subsidiary of USL. The completion of the transaction is expected within six months, subject to customary conditions and requisite approvals from the Competition Commission of India and the Board of Control for Cricket in India.
RCSPL, which is not considered a material subsidiary of USL, reported a revenue of ₹504 crore and a net worth of ₹321 crore for the financial year 2024-25. These figures represent 1.9% and 4.1% of USL’s standalone revenue and net worth, respectively.
The buyers involved in the transaction do not belong to any promoter or promoter group of USL. The transaction does not fall within related party transactions and is conducted at arm’s length.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).