Chennai: The Board of Directors of India Cements Ltd. Wednesday approved a proposal to vest the ownership of Chennai Super Kings Cricket Ltd. with its shareholders.
In a filing with the Bombay Stock Exchange (BSE), India Cements said the board has approved a proposal for reorganisation of Chennai Super Kings Cricket Ltd., the company's wholly-owned subsidiary.
Chennai Super Kings.
Under the proposal approved, "the ownership of the franchise will be held by shareholders of the India Cements Limited. This will be subject to all necessary approvals".
Last year, the India Cements board had approved the demerger of Chennai Super Kings (CSK - a division) into a wholly owned subsidiary by transferring the assets at net cost.
The effective date of transfer will be Jan 1, 2015, subject to all approvals.
Company officials had earlier said the CSK had given its cement brands good exposure in various markets. The company earned around Rs.166 crore from CSK.
India Cements had successfully bid for the Chennai franchise in 2008 for $91 million. The amount will be paid over a 10-year period.
Photos: Katrina Kaif, Shamita Shetty at Mumbai airport
Photos: Varun Dhawan, Alia Bhatt promote 'Badri...' on 'Dil Hai Hindustani'
In pictures: 15 facts about kissing that will surprise you
Photos: Shahid Kapoor and Mira Rajput at cafe in Bandra
Photos: Deepika Padukone, Neha Dhupia and Soha Ali Khan at event