Deccan Chronicle shares plummets on CDR move

Our Bureau Updated - September 10, 2012 at 09:43 PM.

Shares of Deccan Chronicle Holdings Ltd fell by 8.43 per cent on Monday, on news of corporate debt restructuring (CDR) plans of the company.

The company shares closed the day’s trade down at Rs 13.26 against 52-week high of Rs 62.50 and a low of Rs 9.56 in August 2012.

Deccan Chronicle Holdings Ltd has informed the NSE that the company board of directors had passed a resolution to restructure the existing debt of the company.

At a meeting held last week, the board has decided to make an application to CDR Cell under CDR Mechanism as envisaged under the RBI guidelines.

The company has run up huge debts and the promoters have pledged their holdings to raise funds for its diversification projects. The Hyderabad-based company and its promoters have interests in retail chain Odyssey and aviation segment.

The publisher of Deccan Chronicle, which owns the Indian Premier League Cricket team franchisee Deccan Chargers, has put the team for sale by inviting tenders after seeking nod from the Board of Cricket Control in India.

>rishikumar.vundi@thehindu.co.in

Published on September 10, 2012 16:13