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Aug 03, 2012, 10.26 PM IST
As Deccan Chronicle Holdings (DCHL) is facing a liquidity crisis, there are plans of hiving off its print business. Investment bankers are already looking for buyers either for a controlling stake or an asset sale, reports CNBC-TV18's Ekta Batra quoting sources.
As Deccan Chronicle Holdings (DCHL) is facing a liquidity crisis, there are plans of hiving off its print business. Investment bankers are already looking for buyers either for a controlling stake or an asset sale, reports CNBC-TV18's Ekta Batra quoting sources.
Sources also say that DB Corp is in discussions to buy DCHL's print business. However, at the moment, DB Corp is solely looking at the print business and not other entities of DCHL which includes IPL team among others. DB Corp has been willing to enter the Southern market since 2008 and this makes a good strategic move for the company. DB Corp has a net cash of around Rs 70 crore and has been low on its debt Meanwhile, DCHL has been running into trouble regarding its debt issue. IFCI which has filed a case before the debt recovery tribunal at Delhi filed another petition before the Andhra Pradesh High Court seeking liquidation of the company for delay in payment of Rs 25 crore. However, DCHL had clarified that it is facing only a ‘liquidity crisis’ that has arisen due to significant reduction in ad spend by domestic and multinational companies in India. It had also specified clearly that its networth far exceeds its current outstanding. Meanwhile, Deccan Chronicle has denied talking to any company for selling its print business. "The company has not been approached by anybody to acquire the print business and the company is no way connected with the aforesaid news. However if there is any development on the subject matter we shall inform accordingly," it said in a statement.
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