United Spirits Limited (USL) has executed an Amended and Restated Share Purchase Agreement (A&R SPA) regarding its subsidiary, Royal Challengers Sports Private Limited (RCSPL). The update involves a reorganization of the purchaser consortium, with new entities joining and others retiring. Despite these changes, the fundamental transaction parameters, including the sale of 14,690 equity shares and the aggregate consideration of INR 166.6 billion, remain unchanged, maintaining the deal’s original commercial structure.
Transaction Overview
United Spirits Limited (USL) has finalized an Amended and Restated Share Purchase Agreement (A&R SPA) on May 11, 2026. This agreement follows an initial share purchase agreement executed on March 24, 2026, regarding the sale of shares in its wholly owned subsidiary, Royal Challengers Sports Private Limited (RCSPL).
Consortium Reorganization
The updated agreement reflects a strategic reorganization of the purchasing consortium. The Additional Purchasers now included in the transaction are Big Banyan Holdings Pte. Ltd., Times Cricket LLP, and ICQ Opportunities R C Holdco, Ltd. Correspondingly, two original parties—Purchaser 2 and Purchaser 5—have retired from the agreement. The rights and obligations of these retiring entities have been fully assumed by the continuing and new members of the consortium.
Deal Stability and Continuity
USL has clarified that the core financial and structural components of the deal remain intact. The transaction continues to involve the sale of 14,690 equity shares of RCSPL for an aggregate consideration of INR 166.6 billion. The amendments do not alter the fundamental commercial structure, representations, warranties, or indemnities previously established. The Board of Directors of USL continues to operate under the initial approval granted on March 24, 2026.
Source: BSE
