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Deccan Chronicle IPO in Rs 162-194 range

10-November-2004
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Deccan Chronicle IPO in Rs 162-194 range

Newspaper publisher Deccan Chronicle Holdings Ltd is set to price its initial public offer (IPO) in range of 162 to 194 rupees per share, a banker working on the offer said on Tuesday.

"The issue will be open between Nov 25 to Dec 2," said the banker, who declined to be identified.

At the top end of the offer, the IPO would raise 1.79 billion rupees ($40 million), by selling 22.3 per cent of its expanded capital, including the basic offer of 8.01 million shares plus a greenshoe option of 1.2 million.

The company would be valued at 8.02 billion rupees at the upper end of the price band.

The Hyderabad-based company publishes an English daily, the Deccan Chronicle, and a Telugu language newspaper, Andhra Bhoomi.

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