Top Story

e4m_logo.png

Home >> Media – Print >> Article

Deccan Chronicle seeks Rs 200 cr private equity funding

17-July-2004
Font Size   16
Share
Deccan Chronicle seeks Rs 200 cr private equity funding

The Hyderabad-based Deccan Chronicle Holdings Ltd (DCHL)is scouting for private equity of Rs 200 crore. The company, according to market sources, has already appointed ICICI Securities Ltd (ISec) to look out for parties interested in picking up the equity.

DCHL’s top managment could not reached for comment. An ICICI Securities executive said he could neither confirm nor deny the news.

T V Venkattram Reddy, chairman, DCHL, and the company’s executive director, P K Iyer, could be reached for comments. A fax sent to P K Iyer on July 15 seeking clarification on the subject did not evoke any response.

A merchant banker based out of Hyderabad said DCHL was originally planning raise funds through a combination of private placement and IPO. “Now they may have changed their plans and decided to go for a complete private placement,” sources in Hyderabad said.

In December 2003, the company had raised Rs 57.50 crore secured redeemable taxable cumulative non-convertible debentures (NCDs) by way of private placement.

The offer document placed with National Stock Exchange, while raising the NCDs states the company’s investment plans. Prominent among its plans for was a proposed Chennai edition.

The offer document placed with the wholesale debt market said, “The company is acquiring two new presses f or their Hyderabad unit. Besides the company plans to incur infrastructure capital expenditure for its new units at Chennai, Kondapur (Hyderabad) and at Cuddapah. The total cost of the above projects is expected to be Rs.62.20 crore. The proceeds of the present issue of debentures would be utilised for the above modernisation, expansion project of the company and normal capital expenditure. The expenses of the present issue would also be met out of the proceeds of this offer.”

Tags

Abhishek Punia, Co-founder and COO of ARM Worldwide, tells about how they re-branded themselves from ARM Digital to ARM Worldwide and in the process marked their presence globally

Srinivasan opens up on what prompted their recent rebrand, their foray into bus depots and developing the software that displays Bengaluru Metropolitan Transport Corporation's (BMTC) Passenger Information System for all the major bus depots in Bangalore.

Software and Technology, Consulting, Healthcare seem to be increasingly using Webinars to engage with their clients and employees

Chandy indulges in his love for reading and learning something new over the weekends

Abhishek Punia, Co-founder and COO of ARM Worldwide, tells about how they re-branded themselves from ARM Digital to ARM Worldwide and in the process marked their presence globally

Industry analysts expect the infusion of foreign capital to drive not only the retail market but also the advertising industry as a result.

Srinivasan opens up on what prompted their recent rebrand, their foray into bus depots and developing the software that displays Bengaluru Metropolitan Transport Corporation's (BMTC) Passenger Inform...