PVP Ventures clarified on Monday on report of increase in price. The company said, "PVP Ventures bid for the Indian Super League (ISL) being promoted by IMG Reliance and Star India (Organizers), under the aegis of All India Football Federation. The organizers have completed the bidding and evaluation process and announced the names of the successful bidders and PVP Ventures was one among them, representing the Kochi team."

"However, in accordance with the requirements of the ISL terms & conditions, both the organizers and the bid winner have to enter into a detailed definitive agreement and the execution of such agreement would be completed during this week," it said.

"As soon as the requisite agreement is duly executed by the both parties incorporating the terms of understanding, we will give an official communication to all the concerned," it added.

"Other than the above, we do not have any information and announcement (including pending announcement) which may have a potential impact on the price of the scrip of the company," PVP said.

Shares of the company gained Rs 0.33, or 3.62%, to settled at Rs 9.45. The total volume of shares traded was 551,216 at the BSE (Monday).