Chennai Super Kings plans to borrow up to ₹350 cr.
The Hindu
Chennai Super Kings Cricket Ltd. plans to borrow up to ₹350 crore to meet its future plans and objectives. The franchise owner has ventured into various cricketing activities such as building stadia, setting up academies, and obtaining ownership of franchises. The company's net profit rose to ₹52 crore and total revenue contracted to ₹292 crore. Shareholders will vote on the resolution at the upcoming AGM.
Chennai Super Kings Cricket Ltd. is planning to borrow up to ₹350 crore to meet its future plans and fulfil long-term strategic and business objectives.
An enabling resolution to the effect of increasing the borrowing limit from ₹250 crore will be placed before the shareholders for their approval at the upcoming Annual General Meeting on September 27.
The franchise owner of Chennai India Premier League said it had recently ventured into various cricketing activities such as building state-of-the-art stadia, development of high-performance centres and setting up cricket and other sports academies pan India to provide training facilities to sports personnel and budding cricketers.
In this regard, it has already identified prime land along with building valued at ₹70 crore in Chennai to set up a Cricket Academy and High Performance Centre.
At the global level, it also obtained the ownership of franchises ‘Joburg Super Kings’ in Cricket South Africa T20 League and ‘Texas Super Kings’ in the U.S.
Currently, the fund requirement for all these initiatives is met by availing short-term borrowings.
Going forward, the company proposes to avail financial assistance in the form of term loans, debentures, bonds, other instruments, working capital facilities and other financial assistance in Indian or foreign currencies up to ₹350 crore both in short-term and long-term durations.
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