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Shares of Deccan Chronicle Holdings Ltd today plunged again by 4.97 per cent to Rs 12.23 following reports of the company’s bid to sell IPL franchisee team Deccan Chargers.
The Hyderabad-based publisher of English daily Deccan Chronicle has issued a tender notice inviting bids from buyers for Deccan Chargers due to huge borrowings leading to a financial mess.
The working committee of the Board of Cricket Control in India has permitted DCHL to issue a tender notice for the sale of IPL team.
In a tender notice published in English dailies, the winning bidder will acquire from DCHL on an “as is where is’’ basis the right to own and operate the IPL team currently known as Deccan Chargers. This will continue to be based in Hyderabad and compete in the Indian Premier League.
The new buyer will have to use the name Deccan Chargers and take up the liabilities of the current owner.
The invitation to tender and the bid document can be acquired from the BCCI office in Mumbai from September 7. The last day for submitting the bid will be 12 noon on September 13. The winning bid will be announced on the same day.
The sale of franchisee will help the consortium of banks to recover part of the loans lent to the company. DCHL had earlier appointed Religare to find a suitor.
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