The promoters of Deccan Chronicle (DC) Holdings Ltd., publishers of Deccan Chronicle, have pledged a majority of their shareholding to Future Capital Holdings Ltd.
The share price of Deccan Chronicle plummetted 19 per cent on the Bombay Stock Exchange.
In disclosures to the stock exchanges, the promoters of DC and Future Capital have furnished the details. Consequently, DC shares dipped to hit an all-time low of Rs.18.55, close to the lower circuit.
Deccan Chronicle Holdings and Aviotech Private Ltd. have pledged 11.28 crore shares of the company, totalling 54 per cent of equity, to raise the much-needed funds.
The company’s managing Director N. Krishnan had put in his papers and the company informed the exchanges about this a couple of days ago.
The company did not disclose the details of the transaction, but based on the closing share price of Rs.22.90 on Thursday, the value is said to work out to Rs.260 crore.
