In the midst of the raging controversy over IPL financing, Mumbai Indians, one of the eight franchises, has filed its equity holding pattern with the League.
According to the filing made public on Tuesday, 98.3 per cent of the equity of Mumbai Indians' franchisee, IndiaWin Sports Pvt. Ltd., is held by Reliance Industrial Investments and Holdings Ltd (RIIHL) and the remaining 1.7 per cent is held by Teesta Retail Pvt. Ltd.
RIIHL is a 100 per cent subsidiary of Reliance Industries and Teesta is a part of RIIHL.
The equity of RIIHL has increased because they have converted the loan given to Teesta into equity, company sources said.
Quantum of loan
The filing, however, does not elaborate on the quantum of the loan that was converted into equity.
The statement comes in the wake of demands that the team owners should come clean on their holding patterns in the League.