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Shares of Deccan Chronicle Holdings Ltd on Thursday plunged 4.97 per cent to close at Rs 12.23.
The company has piled up debts and has announced a move to sell its Indian Premier League franchisee team Deccan Chargers.
The Hyderabad-based publisher of English daily Deccan Chronicle, which manages a retail chain Odyssey, and has other business interests, issued a tender notice inviting bids from buyers for its IPL franchisee. The working committee of Board of Cricket Control in India permitted this move.
According to the notice published in English dailies, the winning bidder will acquire from the DCHL on an “as is where is” basis the right to own and operate the IPL team currently known as Deccan Chargers.
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 consortium of banks to recover part of the loans lent to the company. DCHL had earlier appointed Religare to find a potential buyer in June last.
> rishikumar.vundi@thehindu.co.in
The Hindu Business Line competes with Financial Chronicle.
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