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Several media houses including the Times Group represented Bennett & Coleman Ltd, The Hindustan Times, Asianet, a Zee Group entity are among those who have expressed their interest to acquire Deccan Chronicle Holdings Ltd.
The debt-strapped DCHL, publisher of Deccan Chronicle English daily, which is facing insolvency proceedings in the National Company Law Tribunal, Hyderabad, has also seen interest from other investors, who include TV9 promoted by Srini Raju entity iLabs.
This insolvency case, which relates to a petition moved by Canara Bank, wherein the resolution professional appointed by the tribunal called for expression of interest from potential buyers.
With more than 25 bankers' interest which need to be protected, a committee of bankers has been appointed. To facilitate the transaction and provide advisory role, consultancy firm PWC has been appointed.
Apart from them, SREI Group entity, which was one of the lenders and later converted its debt into equity, is another company in fray, along with Vision India Fund, Asset Reconstruction Company India Ltd (ARCIL) and Future Gaming.
Mamta Binani, who was appointed as the resolution professional by the NCLT, taking over the board, had filed an interim report. Thereafter, expression of interest were invited from potential suitors to come up with their bids. Based on the EoI, these companies have come up with their proposals.
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