United Spirits Ltd has amended its share purchase agreement relating to the proposed stake sale in Royal Challengers Sports Pvt Ltd (RCSPL), the owner of the Royal Challengers Bengaluru franchise, following a reorganisation of investor entities within the buying consortium.
The company said an amended and restated share purchase agreement (A&R SPA) was executed on May 11, 2026 among United Spirits, RCSPL and the revised consortium members after receipt of a purchaser change notice dated May 4, 2026.
New purchasers
Under the revised arrangement, Big Banyan Holdings Pte. Ltd, Times Cricket LLP and ICQ Opportunities R C Holdco Ltd (ICONIQ) have been added as new purchasers.
At the same time, Aelius Investments Pte Ltd and Metropolitan Media Company Ltd have exited the transaction and will no longer be parties to the amended agreement.
Transaction value unchanged
United Spirits Ltd clarified that there is no change in the underlying consortium, the number of shares being sold or the overall transaction value.
The proposed transaction continues to involve sale of 14,690 equity shares of RCSPL for an aggregate consideration of ₹16,660 crore.
The company said the changes only reflect a reorganisation of the legal entities through which the consortium is entering into the transaction documents.
The rights and obligations of the retiring purchasers under the original share purchase agreement have been assumed by the continuing and newly inducted purchasers.
Board approval remains valid
The amended agreement and related transaction documents have been executed pursuant to the original approval granted by the board of directors of United Spirits at its meeting held on March 24, 2026.
Other existing purchasers in the consortium include Bolt IPL Holdings LLC, Asia Investment Topco II Pte Ltd and Times Internet Ltd.
On March 24, USL has announced that a consortium comprising Aditya Birla Group, The Times of India Group, Bolt Ventures and Blackstone’s perpetual private equity strategy, BXPE will be acquiring RCSPL.