It is celebrated on 22 August every year, 22 August 1639 being the widely agreed date for the purchase of the village of Madraspatnam or Chennapatnam by East India Company factors Andrew Cogan and Francis Day from Damarla Venkatadri Nayaka, the viceroy of the Vijayanagar Empire.
August 22nd is celebrated annually as a commemoration of the purchase of Madraspatnam or Chennapatnam village by the East India Company in 1639. This event involved Andrew Cogan and Francis Day purchasing the village from Damarla Venkatadri Nayaka, the viceroy of the Vijayanagar Empire.