New Delhi, Oct. 14 -- RRP Semiconductor Ltd, whose shares surged more than 150 times in just over a year and propelled its market valuation to nearly $1.3 billion, said Tuesday former cricketer Sachin Tendulkar is neither a shareholder of the company nor a brand ambassador and that its financials don't support the rise in its stock price.

The company said in a stock-exchange filing that the "unprecedented price movement" in its share price may have been due to "misinformation" being circulated about Tendulkar's investment in the company.

While the filing noted that its share price has risen from Rs 10 to Rs 9,000 apiece "within past 10 months", BSE data showed that its shares hit a new all-time high of Rs 8,584.65 apiece on Tuesday. This gives it a market capitalization of Rs 11,695.73 crore, or about $1.32 billion.

The company's shares have jumped 45 times in 2025, from Rs 185.50 apiece at the start of the year in January. The shares have surged 153 times, or about 15,300%, since October 2024, and 334 times since September 2024.

In its filing, RRP Semiconductor said that Tendulkar is not a shareholder, brand ambassador or a board member. Tendulkar is also not associated, directly or indirectly, with any of the company's board members, it said.

The company also said that it has not received 100 acres from the Maharashtra government and that its financials did not support the rise in its share price.

To be sure, RRP Electronics had itself announced last year that Tendulkar had joined it as a "strategic investor".

VCCircle had last month reported the rise in RRP Semiconductor's share price, pointing out that it had a little over 100 shareholders, and that it was its unlisted group company RRP Electronics that had claimed an association with Tendulkar and the securing of 100 acres from the Maharashtra government.

In an interaction with VCCircle last month, RRP Semiconductor's largest shareholder Rajendra Chodankar had said that Tendulkar's investment in the privately held RRP Electronics was "significant" but he didn't reveal its value. He also said that RRP Electronics had received a guarantee from the Maharashtra government about the land allocation and that a plan was afoot for a reverse merger of RRP Electronics and RRP Semiconductor.

Chodankar, who has been listed as a public shareholder of RRP Semiconductor, holds 74.5% of the company's share capital. Chodankar, who was also briefly RRP Semiconductor's non-executive additional director, is the founder and chairman of RRP Electronics.

RRP Semiconductor's filing also said that the preferential allotment of its shares, which accounted for 99% issued and paid up capital of the company, is under lock-in with the depositories till March 31, 2026.

The filing added that only around 4,000 shares were in demat mode with public shareholders and that certain persons were "trading in the market in unethical ways", which has become detrimental to the reputation of the company and Tendulkar, "who is no way connected with the company".

"The company is in the process of initiating necessary actions against the suspected intermediaries who are circulating rumours and defaming the reputation of Legendary Mr. Sachin Tendulkar (sic) and the company," RRP Semiconductor said.

Published by HT Digital Content Services with permission from VC Circle.