Prominent Indian Athletes Invest in Azad Engineering Ahead of IPO

Hyderabad-based engineering firm, Azad Engineering, has taken a unique approach to its upcoming initial public offering (IPO), boasting a star-studded lineup of shareholders, including cricket legend Sachin Tendulkar, badminton champions PV Sindhu and Saina Nehwal. The company has recently filed its draft red herring prospectus (DHRP) with the Securities and Exchange Board of India (SEBI) in preparation for the IPO, aiming to raise up to Rs 740 crore through a combination of a fresh issue and an offer for sale (OFS).

Sachin Tendulkar, often referred to as the “Master Blaster,” has acquired 4,38,210 shares of Azad Engineering this year, amounting to a stake valued at Rs 5 crore. Tendulkar holds a special status among shareholders, granting him the right to nominate directors and other unique privileges.

PV Sindhu, the accomplished badminton champion, has also invested in the company, securing 43,800 shares during the period from March 24 to September 18. Like Tendulkar, Sindhu belongs to the category of shareholders with special rights.

Saina Nehwal, another prominent figure in Indian badminton, holds 43,800 equity shares of Azad Engineering, acquired between March 11 and September 18, with a total stake value of Rs 99 lakh.

Other notable athletes and individuals, including VVS Laxman, Pranavi Chandra, Chama Milind, Nikhat Zareen, and former ICC chairman N Srinivasa Rao, also have stakes in Azad Engineering, further enhancing the company’s profile. While the specific IPO details such as dates and pricing are yet to be disclosed, the involvement of these sports icons adds a unique dimension to Azad Engineering’s public debut.

Re-reported from the article originally published in The Times Now English