India Cements to allot Chennai Super Kings shares today
In a process towards transferring ownership of Chennai Super Kings, N Srinivasan- led India Cements will allott the shares of the IPL franchise to the company's shareholders today.
New Delhi: In a process towards transferring ownership of Chennai Super Kings, N Srinivasan- led India Cements will allott the shares of the IPL franchise to the company's shareholders today.
The PTI reported on September 24 that India Cements had fixed October 9 as the record date.
In a BSE filing, the firm said it "has fixed Record Date as October 9, 2015 for the purpose of distribution of shares of CSKCL to the shareholders of India Cements Ltd."
The filing said that one share of CSKCL will be equal to a single share of India Cements.
"The shareholders would be benefited by having a direct ownership interest in a franchise in the IPL, which has been one of the most successful franchises in the history of IPL," it added.
The firm said the rationale behind the share distribution is to enable India Cements shareholders "to own and manage affairs of CSKCL".
CSKCL controls the Indian Premier League (IPL) franchise Chennai Super Kings that has been suspended from participating in the IPL league for two years.
On suspension, India Cements said: "We understand that CSKCL has challenged the said suspension and the matter is pending before the Madras High Court."
Shares of India Cements today fell by 1.60 per cent to settle at Rs 74 apiece on the BSE.
(With Agency inputs)