CSKCL to borrow Rs 350 cr for expansion of business and working capital requirement

Chennai Super Kings Cricket Ltd, the Franchise owner of IPL team Chennai Super Kings, set to borrow INR 350 Cr for business expansion.

• The company proposes to borrow the loan in the form of term loans, debentures, bonds & other instruments in India & foreign currencies for business expansion & working capital requirements.

• The company is seeking approval from their shareholders to increase their borrowing limit from INR 250 Cr to INR 350 Cr, according to its Annual Report for FY 2022-23.

• The company recently acquired ownership of franchises Jo burg Super Kings in Cricket South Africa (CSA) T20 League and Texas Super Kings in Major League Cricket in The USA

• It also introduced ‘Talent Management’ as a new line of business, owing to the commercial interest of talented professionals of Cricket.

• The company reported a 16.2% decline in its total revenue at INR 292.34 crore for FY23 from INR 349.14 crore in the previous fiscal. 

• The net profit for FY23 stood at Rs 52.17 crore, up from Rs 31.54 crore in the last fiscal, with a 65.4% increase. The company’s cost of operations stood at Rs 201. 61 crore, compared to Rs 281.49 crore.