Future Capital promoters to absorb Rs 170-cr loan given to Deccan Chronicle

Our Bureau Updated - November 17, 2017 at 11:59 AM.

DCHL extends financial year by 6 months

The Promoter Group of Future Capital Holdings Ltd has agreed to takeover the entire loan exposure of Rs 170 crore lent to Deccan Chronicle Holdings Ltd and Aviotech Ltd.

About 56.3 per cent of Future Capital is owned by Pantaloon Retail (India) Ltd and Kishore Biyani. Warburg Pincus has also become a shareholder in the company after they had decided to buy stake in Future Capital for Rs 560 crore.

In a statement to the stock exchange, Future Capital has informed that the board of directors of the company reviewed the loans given to Deccan Chronicle Holdings. To safeguard the interest of the stakeholders of the company, the Promoter Group of Future capital has agreed to takeover the entire loan exposure at book value.

With this development, Future Capital will cease to have any exposure in Deccan Chronicle Group. The promoter group intends to take all action necessary to safeguard all its entitlements and rights after this assignment.

Last week, Deccan Chronicle had informed that about 54 per cent of their stake has been pledged with Future Capital to raise funds.

However, there continue to be a series of developments, including a winding up petition by IFCI and a complaint of forgery by Karvy.

Financial year extended: Deccan Chronicle has informed that the financial year of the company ended on March 31, 2012 has been extended for a further period of six months ending September 30, 2012, with the approval of the Registrar of Companies.

Referring to media reports, “DB Corp in talks to acquire DCHL print biz,” Deccan Chronicle Holdings Ltd has clarified that the company has not been approached by anybody to acquire the print business and the company and is no way connected with the news.”

Meanwhile, DCHL has witnessed several bulk deals including Vora Financial Services Private Ltd.

The DCHL shares closed the day at Rs. 13.55 up 1.88 per cent.

The Hindu Business Line competes with Financial Chronicle .

Published on August 3, 2012 16:16