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Deccan Chronicle plans overseas float

17-June-2005
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Deccan Chronicle plans overseas float

Deccan Chronicle Holdings plans to raise funds from overseas market. P K Iyer, executive director, Deccan Chronicle Holdings, told Business Standard:

“The government policy now allows us to explore various possibilities of raising funds. We will place before the board on June 22 a proposal to float either a foreign currency convertible bond (FCCB) issue or an equity placement or even roping in a strategic partner.”

According to Iyer, though the company is not short of funds, the government’s policy on foreign investment has given the management a larger universe to explore new opportunities.

The stock of Deccan Chronicle gained 15.73 per cent to close at Rs 214.1 on Bombay Stock Exchange.

Another media group, Mid Day Multimedia, however, does not have any plan to raise money abroad.

Manajit Ghoshal, chief financial officer, Mid Day Multimedia, said that this would give oppurtunity to FIIs to invest more in media stocks. Ghoshal stated that the company would look at suitable investment opportunities.

The company said it would defintely consider printing some of the foreign newspapers if approached but would not print a fascimilie edition of an eveninger.

TV 18 said that it was not looking at any strategic foreign partner at this point as the company already had one.

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