RPSG Ventures, the venture capital fund of the RP-Sanjiv Goenka Group, will fully acquire the stake in another group firm, APA Services Private Ltd. APA, incorporated in October 2011, is engaged in “investment activities in sports” segment belonging to the Group.
The all cash deal will see RPSG Ventures buy out 100 per cent of the “issued, subscribed and paid-up equity capital” of APA for ₹0.22 a share.
The investment will help RPSG Ventures have existing sports portfolio of the Group under itself.
“Pursuant to the acquisition, APA will become a wholly-owned subsidiary,” the stock market notification said.
APA reported a revenue of nearly ₹1.6 crore in FY20, while in FY19, it reported revenues of nearly ₹10 crore.
The Group’s investments in sports include the three-time ISL winning team, ATK (now rechristened ATK Mohun Bagan), a previous investment in the Pune cricketing franchisee of IPL, among others.