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The promoters of Deccan Chronicle Holdings Ltd have pledged their majority of shareholding to Future Capital Holdings Ltd.
In a separate disclosures made to the stock exchanges, the promoters of Deccan Chronicle Holdings and Future Capital Holding, have disclosed the details of the pledged shares.
Deccan Chronicle Holdings and Aviotech Private Ltd have pledged 11.28 crore shares of the company equivalent to 54 per cent equity capital to raise funds.
The promoters of Deccan Chronicle Holdings, Mr T. Venkattram Reddy, Mr T. Vinayak Ravi Reddy and Mr P.K. Iyer, have together pledged 54 per cent of their holding on Thursday, they informed exchanges on Friday.
While the company did not elaborate on the financial details of the transaction, based on the closing share price of Rs 22.9 on Thursday, the value is about Rs 260 crore.
Deccan Chronicle shares fell by 19 per cent on the BSE to hit an all time low of Rs 18.55.
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