Shares of Deccan Chronicle Holdings (DCHL) rebounded from its 52-week low of Rs 8.28, gaining as much as 5 percent to touch an intraday high of Rs 9.14 after the board of directors have agreed to execute MoU with Mumbai based real estate company Kamla Landmarc for sale of IPL team Deccan Chargers (DC).
Kamla Landmarc has agreed to pay DCHL a consideration of Rs 1,250 crore. In Bombay High Court hearing case DCHL had said it had invested over Rs 600 crore in Deccan Chargers Franchisee. "DC termination would mean that investment will be 'worthless'. We won't be able to meet liabilities if DC terminated." At 14:30 hours IST, the stock was trading at Rs 9.03, up 3.67% amid large volumes.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
