Cult.fit has disclosed a serious change to its long-standing association with Hrithik Roshan’s activewear brand HRX ahead of its planned initial public offering (IPO). In response to the corporate’s Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), Cult.fit has terminated its exclusive agreement with Extreme Brands LLP, the corporate that owns the rights to the HRX brand.
Hrithik Roshan’s HRX exits Cult.fit brand partnership ahead of IPO; actor to stay investor
Exclusive HRX agreement involves an end
Cult.fit had entered into an agreement with Extreme Brands LLP on August 11, 2023, securing perpetual and exclusive rights to the HRX brand. While the corporate didn’t disclose the annual consideration for the arrangement, the agreement reportedly carried a contingent liability of nearly Rs 30 crores.
The most recent DRHP, nevertheless, confirms that the agreement has now been terminated. The filing has not disclosed the explanations behind the choice or whether the move may have any impact on Cult.fit’s branding strategy going forward.
Hrithik Roshan to sell a part of his stake through OFS
The DRHP also reveals that Hrithik Roshan will take part in the Offer for Sale by selling 6.33 lakhs equity shares. Despite the partial divestment, the actor will proceed to stay an investor in the corporate after the IPO.
Hrithik first invested in Cult.slot in May 2018 when he got here on board as the corporate’s brand ambassador. He reportedly invested around Rs 3.75 crores, and the worth of that stake has grown significantly over time. Based on Cult.fit’s latest valuation, the investment is estimated to be price roughly Rs 25 crores.
Alongside the actor, his affiliated entity, Extreme Brands LLP, also invested around Rs 2.25 crores in the corporate.
The event comes because the Bengaluru-based fitness and wellness company prepares to go public with a proposed fresh issue of shares price Rs 950 crores, together with an Offer for Sale (OFS) by several existing shareholders.
Also Read: Hrithik Roshan joins Nissan India as brand ambassador for Tekton SUV
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