Sachin Tendulkar had picked up equity worth about Rs 5 crore in Azad Engineering on 6th march 2023.
On March 6th 2023, Tendulkar had picked up equity worth about Rs 5 crore in Azad Engineering, which makes precision forged and machined components for global OEMs in energy, aerospace & defence and oil & gas industries.
A Rs 5-crore bet taken by cricketing icon Sachin Tendulkar 9 months ago has ended up giving him a mind-boggling return of 531% as shares of Hyderabad based Azad Engineering listed on stock exchanges today.
With a notional profit of Rs 26.5 crore in the IPO, Tendulkar has outpaced Australian pacer Mitchell Starc who became the most expensive player in IPL by bagging Rs 24.75 crore deal earlier in the month.
On March 6 this year, Tendulkar had picked up equity worth about Rs 5 crore in the company, which makes precision forged and machined components for global OEMs in energy, aerospace & defence and oil & gas industries.
Following a stock split and bonus issue ahead of the IPO, he owned 438,210 shares of the company. His average cost of acquisition is just Rs 114.1 per share. In the Rs 740-crore IPO, Tendulkar had chosen not to offload stake.
His conviction paid off as the IPO listed at Rs 720 on NSE, a solid premium of 37.4% on the issue price of Rs 524 per share.
The value of his Rs 5-crore investment has now soared to Rs 31.5 crore.
The IPO has made not just Tendulkar richer but also brought wide smiles on the faces of three other sports personalities- PV Sindhu, Saina Nehwal and VVS Laxman.
Each of them had invested Rs 1 crore in the company but at double the price at which the ‘Master Blaster’ had bought The average cost of acquisition for them is Rs 228.17 per share which leads to a handsome return of 215%. Their stake is now valued at Rs 3.15 crore.
