Master Blaster Sachin Tendulkar has overtaken Australian pacer Michael Starc as the most expensive seller during the IPL auction. Actually, a bid of Rs 24.75 crore was made for Michael Starc during the IPL auction, but now the God of Cricket Sachin Tendulkar has left him behind by earning Rs 26.5 crore in just nine months with just one decision. Sachin has achieved this feat by investing in a company based in Hyderabad.
Sachin got huge profit on investment made for nine months
Sachin Tendulkar had invested Rs 5 crore in Hyderabad company Azad Engineering nine months ago. On Thursday, when the shares of Azad Engineering were listed in the stock market after the IPO, Tendulkar got a huge profit of about 531% on his investment. After the listing of IPO, Sachin Tendulkar made a total profit of Rs 26.5 crore and thus he has defeated the most expensive player in the IPL auction, Michael Stork, who was sold for Rs 24.5 crore.
Shares of aerospace component and turbine manufacturing company Azad Engineering were listed on the Bombay Stock Exchange (BSE) on Thursday at a price of Rs 710 with a premium of 35 per cent. At the same time, the shares were listed on the National Stock Exchange (NSE) at a price of Rs 720 with a premium of 37.40 percent.
The company had fixed the price band of Rs 499-524 for the shares at the time of opening of the IPO. Shares of the grey-market company were seen trading with a rise of more than 60 percent. After which its excellent listing was expected.
Tendulkar holds 4,38,210 shares of Azad Engineering
On March 6 this year, Master Blaster Sachin Tendulkar had bought equity worth about Rs 5 crore in the company. Before the company's IPO, the former captain of the Indian cricket team had acquired 4,38,210 shares through stock split and bone issue. The average cost of acquisition of shares made by them was Rs 114.1 per share. Later, when the company's IPO of Rs 740 crore came, Tendulkar decided to retain the shares. This decision of Master Blaster Sachin Tendulkar proved to be a masterstroke during the listing of the company's shares in the stock market after the IPO.
Azad Engineering shares were listed on NSE at Rs 720, thus giving investors a huge profit of 37.4% as against the issue price of Rs 524 per share. Due to this bumper listing, the value of Sachin Tendulkar's investment of Rs 5 crore has now increased to Rs 31.5 crore.
Apart from Tendulkar, these sports giants also made big profits
Azad Engineering's IPO has not only given huge profits to Sachi Tendulkar. Apart from him, three other big sports personalities of the country have also benefited from this. Players like PV Sindhu, Saina Nehwal and VVS Laxman have also benefited from the listing of the company's shares.
All of them had invested Rs 1 crore in the company, but at double the price at which the 'Master Blaster' had bought it. The average cost of acquisition for them was Rs 228.17 per share. However, despite this he got an excellent return of 215% on his investment. The value of his stake is now Rs 3.15 crore.