United Spirits Limited Executes Amended Share Purchase Agreement, Reflecting Purchaser Changes
United Spirits Limited (USL) announced the execution of an amended and restated share purchase agreement (A&R SPA) dated May 11, 2026. This agreement further formalizes the transaction that was originally disclosed on March 24, 2026, concerning the sale of equity shares of Royal Challengers Sports Private Limited (RCSPL).The A&R SPA reflects and records a structural change in the purchasing consortium, following the receipt and acceptance of a purchaser change notice dated May 4, 2026.
The parties executing the A&R SPA include USL, RCSPL, Bolt IPL Holdings LLC, Big Banyan Holdings Pte. Ltd, Asia Investment Topco II Pte. Ltd, Times Internet Limited, Times Cricket LLP, and ICQ Opportunities R C Holdco, Ltd (ICONIQ).
Changes in Purchasers
The execution of the A&R SPA introduced three additional purchasers and saw two original purchasers retire from the transaction structure.The new participants are:
- Big Banyan Holdings Pte. Ltd
- Times Cricket LLP
- ICQ Opportunities R C Holdco, Ltd (ICONIQ)
The retiring purchasers who are no longer parties to the A&R SPA are Asia Investment Topco II Pte. Ltd and Metropolitan Media Company Limited. The rights and obligations of these retiring purchasers under the original SPA have been assumed by the relevant continuing and additional purchasers.
Transaction Details and Consortium
The underlying consortium that entered into the A&R SPA, the sale shares, and the aggregate consideration remain unchanged.Key details regarding the transaction are as follows:
| Detail | Description |
|---|---|
| Shares Being Sold | 14,690 equity shares of RCSPL |
| Aggregate Consideration | INR 166.6 bn |
| Related Party Status | RCSPL is a wholly owned subsidiary of USL, making it a related party. None of the Purchasers are a related party of USL or RCSPL. |
The initial transaction was based on a share purchase agreement (SPA) dated March 24, 2026. The material terms of the A&R SPA are noted as being the same as those under the original SPA.
The A&R SPA, alongside related transaction documents, was executed following the initial approval provided by the Board of Directors of USL in its meeting held on March 24, 2026.
UNITDSPR Stock Price Movement
On Monday, United Spirits Limited shares slipped by 1.23% to settle at ₹1266.1, marking a downward close for the session. The stock found buyers selling 437,790 shares through the trading day.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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