RPSGVENT

By Vibhuti Sharma

MUMBAI, Feb 17 (Reuters) - Global private equity investors like KKR and Blackstone have a new investment hotspot in India: cricket.

The Indian Premier League, the world's richest cricket league, counts Bollywood stars, Indian tycoons and spirits maker Diageo DGE.L among its backers, but is now attracting major private equity firms with the prospect of rapidly rising revenue and profits and massive viewership globally.

The business value of the league, popularly called the IPL, surged to a record $18.5 billion last year, U.S.-based investment bank Houlihan Lokey says.

That's much smaller than America's National Football League (NFL) valued at $227 billion and the National Basketball Association (NBA) worth $165 billion, but on a per-match basis the IPL is now the world's second-most valuable sports league after the NFL.

KKR and Blackstone are eyeing stakes in the winner of last season, Royal Challengers Bengaluru (RCB), two banking sources said. KKR is also reviewing a possible stake in the Rajasthan Royals team, while Swiss-based PE firm Partners Group is considering at least one team for investment, sources said.

It was a blockbuster IPL deal by European private equity firm CVC Capital that triggered the new wave of interest among investors, bankers say. CVC sold a majority stake in the Gujarat Titans, netting a return of more than 350% in dollar terms just four years after acquiring it. The deal valued the team at $900 million.

"India's structural economic growth should continue to support long-term value creation," said Siddharth Patel, a managing partner at CVC Capital.

"Combined with the scarcity of IPL franchises, it is clear why there is such intense investment interest from both industrial groups, family offices and private equity investors.”

Since the CVC deal, several enquiries have come in from private equity clients in the U.S. and Europe for IPL stakes, said Harsh Talikoti, a sports deals specialist at Houlihan Lokey in Mumbai.

"The IPL model proved you can generate serious profit," he said.

Blackstone, KKR, Partners Group and Royal Challengers Bengaluru declined to comment, while Rajasthan Royals did not respond to Reuters' requests for comment. The sources declined to be named as the talks are private.

CENTRALISED POOL AND BROADCAST RIGHTS BOUNTY

The IPL has reshaped the game in a country where the top cricketers are often worshipped. Last year, IPL had a record 1.19 billion viewers across digital and TV, far larger than the NFL.

Each year after an auction for global players, IPL teams compete in matches in the 20-over format of the game. The next season starts March 26.

Key factors driving investor interest in the league are a doubling in the value of broadcast rights to more than $6 billion in the most recent auction in 2022, rising franchise revenues and the Indian cricket board BCCI's pooled revenue-sharing model that bolsters team revenues.

The board pools media rights and league sponsorship funds, keeps half, and distributes the rest equally among the teams - a structure far more centralised and evenly shared than, say, in the NBA.

The model ensures each team is well-funded to acquire players, and with regular player auctions, any team can contend for the title in a season, CVC's Patel said. That helps "maintain strong audience engagement and provides franchises with predictable economics through the media rights cycle."

Mohit Burman, an Indian businessman who co-owns the Punjab Kings team with Bollywood star Preity Zinta, said his sponsorship revenue grew 30% a year, but the key lure for private equity firms was the revenue-sharing model.

"The IPL can certainly rival - and in some cases outperform - U.S. leagues on investor returns, even if the absolute scale differs," Burman told Reuters.

Every IPL franchise earns around $55 million alone from the board's pool annually, he said. Ticket sales and other sponsorship earnings are on top of this.

"The asset class has clearly come of age," Burman said.

The BCCI and other IPL teams did not respond to Reuters' queries.

THE INVESTMENT RISKS

Reliance and Disney DIS.N merged their India businesses in 2024, and now together own the streaming and TV broadcast rights for IPL until 2027 which cost $6.2 billion. Jefferies analysts say the per-match value just on those rights makes IPL the second-highest valued globally after the NFL.

But there are risks for investors, too.

With similar leagues finding traction in South Africa, UAE and Australia, cricketers must navigate an increasingly crowded franchise calendar alongside their international commitments.

The biggest overhang is the worry that the Disney-Reliance merger will mean less competition and could result in fewer dollars for teams in the 2027 broadcast auction.

Indian billionaire Sanjiv Goenka doesn't agree. He said in an interview last year that his 2021 acquisition of an IPL team for $781 million is a "trophy business" and broadcast rights will only get pricier.

Many investors, including Goenka's Group and Mukesh Ambani's Reliance, bet a total of 500 million pounds last year in the England and Wales Cricket Board's hundred-ball league.

RISING TEAM REVENUES

The NFL opened its teams for private equity investors in 2024, and the NBA allows such investments but with strict ownership caps. IPL has no such limits, permitting greater private capital play.

Team revenue, earnings growth and the limited number of teams are big allures. There are 10 teams in the IPL, compared to 32 in the NFL.

A Reuters analysis of regulatory disclosures showed at least five IPL teams more than doubled their revenue, on an absolute basis, since 2022, with two of them even doubling their profits. Three other franchises also recorded a doubling of profits - but not revenue - in the period.

Kolkata Knight Riders, part-owned by Bollywood star Shah Rukh Khan, reported revenue of $76.8 million for 2023-24, up 119% from the previous year. Net profit rose six times to $19.4 million.

Sumat Chopra, private equity head at consultancy Kearney which has advised clients on the IPL, said there's more upside as marquee players bolster team revenues. Top players like India's Virat Kohli and Australia's Pat Cummins play the IPL.

"IPL franchise valuations are likely to compound steadily over time, supported by rising media economics."

($1 = 90.7500 Indian rupees)

(Reporting by Vibhuti Sharma in Mumbai; Additional reporting by Amlan Chakraborty; Editing by Aditya Kalra and Sonali Paul)

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Feb 11 (Reuters) - RPSG Ventures Ltd RPSG.NS:

• RPSG VENTURES LTD - UNIT TO ACQUIRE CONTROLLING STAKE IN MANCHESTER ORIGINALS

Source text: ID:nNSE84GZ0h

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Feb 4 (Reuters) - RPSG Ventures Ltd RPSG.NS:

• RPSG VENTURES - GOT TAX ORDER FOR DEMAND OF 782.8 MILLION RUPEES

Source text: ID:nNSE7Kl078

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Nov 6 (Reuters) - RPSG Ventures Ltd RPSG.NS:

• SEPT-QUARTER CONSOL NET LOSS 778.5 MILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 21.66 BILLION RUPEES

Source text: ID:nBSExvmzn

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** Shares of business support services provider Firstsource Solutions FISO.NS rise 6.2% to 334 rupees

** Stock rises after unit acquires Ascensos, a UK-headquartered customer experience outsourcing partner, for a deal at 42 mln pounds ($56.07 mln)

** Firstsource stock on track for fourth straight session of gains, if trend holds

** Avg rating of 10 analysts covering Firstsource's stock at "buy" while rival CMS Info Systems CMSN.NS also rated "buy"

** Median PT for FISO at 315 rupees - LSEG data

** Stock up ~80% so far this year vs a ~50% jump in CMSN

($1 = 0.7491 pounds)

(Reporting by Dimpal Gulwani in Bengaluru)

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** Shares of Firstsource Solutions FISO.NS rise as much as 3.3%, last up 2% to 313.95 rupees

** The business management platform firm announced it will use Microsoft's MSFT.O Azure OpenAI service across its offerings

** Stock on track to snap a four-day losing streak, if trend holds

** FISO and rival CMS Info Systems CMSN.NS both rated "buy" on avg - LSEG data

** FISO stock up ~70% YTD vs ~47% climb in CMSN

(Reporting by Varun Vyas in Bengaluru)

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Aug 9 (Reuters) - RPSG Ventures Ltd RPSG.NS:

• JUNE-QUARTER CONSOL NET PROFIT 1.02 BILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 25.16 BILLION RUPEES

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** Shares of Firstsource Solutions FISO.NS rise around 4% to a record high of 278.94 rupees

** Business management services provider said its Q1 profit rose about 7% y/y, rev up 17%

** FISO posts first profit rise in four quarters

** Stock set to gain for third straight session, it has risen about 11% in the period

** FISO's trading vols at 2x their 30-day avg

** Stock up nearly 50% YTD after gaining 80% in 2023

(Reporitng by Nishit Navin)

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** Shares of RPSG Ventures RPSG.NS rise as much as 5.1% to 727.2 rupees, before trimming gains to trade 3% higher

** Information technology and allied services company's unit enter into a deed of assignment with Natures Basket, unit of Spencer's Retail SPEN.BO for purchase of "The Gift Studio" brand for 247.5 mln rupees ($3 mln)

** Stock set to snap three straight sessions of losses

** RPSG set to rise for third straight week, having gained 9% in last two weeks

** Trading volume is 2.7x the 30-day daily avg, highest since April 24

** Stock down ~3% in 2024 so far after gaining 63% in 2023

($1 = 83.4950 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

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June 20 (Reuters) - RPSG Ventures Ltd RPSG.NS:

• UNIT ENTERED INTO DEED OF ASSIGNMENT WITH NATURES BASKET

• DEAL FOR PURCHASE OF BRAND " GIFT STUDIO"

• DEAL FOR TOTAL PURCHASE CONSIDERATION OF 247.5 MILLION RUPEES

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May 23 (Reuters) - RPSG Ventures Ltd RPSG.NS:

• RPSG VENTURES MARCH-QUARTER CONSOL NET LOSS 997.8 MILLION RUPEES VERSUS LOSS 1.23 BILLION RUPEES

• RPSG VENTURES MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 20.2 BILLION RUPEES VERSUS 17.92 BILLION RUPEES

Source text for Eikon: ID:nBSE7GN060

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** Shares of Firstsource Solutions FISO.NS fall as much as 2.7% after third straight quarterly profit fall; last down 1.8%

** Business process management services provider posts 5.5% decline in Q4 net profit to 1.34 bln rupees ($16.1 mln)

** Co approves execution of share purchase agreement of Quintessence Business Solutions & Services for 3.28 bln rupees

** Stock set to fall for a third straight session

** Trading vol is 1.5x the 30-day daily avg

** Avg rating of nine analysts is "buy"; median PT 225 rupees, ~9% higher than current price - LSEG data

** FISO up ~11.5% YTD after rising 80.7% in 2023

($1 = 83.3981 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

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NEW DELHI, March 18 (Reuters) - India's Supreme Court ordered the State Bank of India (SBI) SBI.NS on Monday to submit all the details of so-called electoral bonds issued under an opaque political funding system, just a month before general elections.

The further details of the controversial funding mechanism, introduced in 2017 but subsequently scrapped, are expected to make public information linking donors to political parties over the last five years, and the size of their donations.

Corporate funding of political parties is a sensitive matter in India, where the February scrapping of electoral bonds, along with the publicising of the names of donors and recipients, has become a hot topic ahead of elections due by May.

The Supreme Court gave the state-run lender until Thursday to provide the Election Commission of India with the unique identification numbers of the bonds, so as to allow donors to be matched with recipients.

"You have to disclose all details ... we must have finality to it," Chief Justice D.Y. Chandrachud said.

The election commission, in its turn, was directed to make the information public "forthwith".

Last week, the commission made public some data on donations made since April 2019 under the funding mechanism that allowed anonymous unlimited donations by companies and individuals using the electoral bonds.

Some of India's biggest companies, such as Vedanta Ltd VDAN.NS, Bharti Airtel BRTI.NS, RPSG Group and Essel Mining were among the top political funders over the last five years, the data showed.

But last week's data did not link donors to recipients, though it showed that nearly half of all donations were received by the Bharatiya Janata Party (BJP) of Prime Minister Narendra Modi, who will seek a rare third term at the polls.

Critics say such bonds helped companies hide their donations to avoid any accusations of winning favours from the ruling party.

On Sunday, the leader of the main opposition Congress party, Rahul Gandhi, accused Modi's government of using electoral bonds to extort money from companies, an accusation the government has strongly denied.

Industry bodies Assocham, the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry sought to stop the court from making public information about who donated to which party.

"Protection of anonymity is critical for preserving donors' privacy and guarding against any adversity by any opposing political factions to whom the investment is not made by a corporate," Assocham said.

The court did not hear their plea.

(Reporting by Arpan Chaturvedi and Tanvi Mehta; Editing by YP Rajesh and Clarence Fernandez)

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NEW DELHI, March 14 (Reuters) - Some of India's biggest companies, including Vedanta Ltd VDAN.NS, Bharti Airtel BRTI.NS, RPSG Group and Essel Mining were among the country's top political funders over the last five years under a now-scrapped opaque political funding system, official data showed on Thursday.

The information was made public by the Election Commission of India following an order on Monday from the country's top court.

The political funding mechanism introduced in 2017 allowed companies and individuals to donate unlimited amounts anonymously to political parties.

The funding system, called Electoral Bonds, was challenged by opposition lawmakers and a civil society group on the grounds that it hindered the public's right to know who had given money to political parties. The Supreme Court banned Electoral Bonds last month, calling them "unconstitutional".

Under the system, a person or company could buy bonds from government-owned State Bank of India SBI.NS and donate them to a political party.

Prime Minister Narendra Modi's Bharatiya Janata Party was the largest beneficiary of these bonds, which were donations, garnering 55% of the bonds worth 120 billion rupees ($1.45 billion) donated between January 2018 and January 2024 by people and companies.

($1 = 82.9200 Indian rupees)

(Reporting by Bengaluru and New Delhi bureaux; Editing by Susan Fenton)

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Feb 9 (Reuters) - RPSG Ventures Ltd RPSG.NS:

• RPSG VENTURES DEC-QUARTER CONSOL NET LOSS 610.9 MILLION RUPEES VERSUS LOSS 292.5 MILLION RUPEES

• RPSG VENTURES DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 18.46 BILLION RUPEES VERSUS 17.2 BILLION RUPEES

Source text for Eikon: ID:nBSE2XWnbv

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** Shares of Firstsource Solutions FISO.NS fall 5.5% to 198.40 rupees

** Business process management services provider posts 18% drop in Dec-qtr consol net profit

** Stock set to snap two-session gaining streak

** Avg rating of eight analysts on FISO at "strong buy"; median PT is 189 rupees - LSEG data

** Stock rose ~81% in 2023 after falling 44% in 2022

(Reporting by Kashish Tandon in Bengaluru)

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Jan 17 (Reuters) - RPSG Ventures Ltd RPSG.NS:

• APPROVED ISSUANCE OF SHARES AT A PRICE OF 795 RUPEES PER SHARE

• APPROVED ISSUANCE OF SHARES WORTH 2.84 BILLION RUPEES

• ISSUANCE TO RAINBOW INVESTMENTS AND INTEGRATED COAL MINING ON PRIVATE PLACEMENT BASIS FOR CASH CONSIDERATION

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Jan 11 (Reuters) - RPSG Ventures Ltd RPSG.NS:

• TO CONSIDER PROPOSAL FOR RAISING FUNDS BY ISSUE OF ONE OR MORE INSTRUMENTS/ SECURITIES

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Jan 5 (Reuters) - RPSG Ventures Ltd RPSG.NS:

• RPSG VENTURES LTD - FIRE INCIDENT HAS OCCURRED AT A JOB WORKER'S FACTORY

• RPSG VENTURES LTD - ASCERTAINING CAUSE OF FIRE AND QUANTUM OF ACTUAL DAMAGE

• RPSG VENTURES LTD - FIRE INCIDENT AT FACTORY IN PHULE NAGAR, UTTAR PRADESH

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Oct 2 (Reuters) - RPSG Ventures Ltd RPSG.NS:

• UNIT RECEIVED NOTICE TO SHOW CAUSE CUM DEMAND FROM DIRECTORATE GENERAL OF GOODS AND SERVICES TAXES INTELLIGENCE

• SHOW CAUSE CUM DEMAND NOTICE ALLEGING TAX DEMAND OF 391.4 MlN RUPEES WITH INTEREST, PENALTY

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** Shares of information technology and allied services company RPSG Ventures Ltd RPSG.NS down as much as 5.44% to 444 rupees, lowest since May 10

** Stock hits sharpest intraday pct loss since August 22

** RPSG reports consolidated net loss for the quarter ended March 31, at 1.23 bln rupees ($15.04 mln) versus profit 577.1 mln rupees a year earlier

** About 210,899 shares change hands as of 1:59 p.m. IST, 5.6x 30-day average

** Stock up 4.19% YTD as of last close

($1 = 81.7800 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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** Shares of Firstsource Solutions Ltd FISO.NS fall as much as 4% to 111.80 rupees, a two-week low

** The business process management services' provider reported 0.4% YoY decline in core profit in March quarter to 2.44 bln rupees, during market hours on Thursday

** Stock fell 1.27% in the previous session

** Core profit margins contracted to 15.7% in March quarter, compared to 15.9% a year ago

** Trading volume is 1.38 mln shares as of 11:43 p.m. IST, 0.9x the 30-day avg - Refinitiv data

** Of the nine analysts tracking FISO, four maintain "buy", two suggest "sell" and three recommend "hold"; median TP is 125 rupees - Refinitiv data

(Reporting by Bharath Rajeswaran in Bengaluru)

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