SFC buys stake in Deccan Chronicle
Foreign brokerage firm Swiss Finance Corp has acquired 5.41 lakh shares of the Deccan Chronicle.
By PTI |
MUMBAI: Foreign brokerage firm Swiss Finance Corp has acquired 5.41 lakh shares of the Deccan Chronicle Holdings, publishers of Deccan Chronicle, through the conversion of Foreign Currency Convertible Bonds (FCCBs) into equity shares.
In a communique to BSE, Deccan Chronicle said its Share Allotment Committee in a meeting on Friday approved the allotment of 5,41,410 equity shares of Rs 2 each (face-value) as per the terms of the bonds.
The stock, which has gained 17 per cent or Rs 32 in the last one month, has been one of the active media stocks during this period. In June alone, nearly 17.37 lakh shares of Deccan Chronicle have been traded as compared to 36 lakh shares traded on BSE in whole of May.
Swiss Finance Corp is the latest among quite a few foreign institutional investors like CLSA (1.37 per cent), FID Funds (2.12 per cent) Morgan Stanley (2.27 per cent) and domestic mutual funds like Prudential ICICI, HDFC MF to have significant equity interests in the media company, latest data shows.
On March 23, Kuvera fund, Citigroup Global and ITF Mauritius were allotted equity shares through a similar conversion of FCCBs.
Based on the information available on total number of shares of Deccan Chronicle, Swiss Finance Corp by virtue of the 5.4 lakh shares now holds 0.22 per cent stake.
Shares of Deccan Chronicle closed at Rs 225, up 3.35 per cent on the Bombay Stock Exchange.
In a communique to BSE, Deccan Chronicle said its Share Allotment Committee in a meeting on Friday approved the allotment of 5,41,410 equity shares of Rs 2 each (face-value) as per the terms of the bonds.
The stock, which has gained 17 per cent or Rs 32 in the last one month, has been one of the active media stocks during this period. In June alone, nearly 17.37 lakh shares of Deccan Chronicle have been traded as compared to 36 lakh shares traded on BSE in whole of May.
Swiss Finance Corp is the latest among quite a few foreign institutional investors like CLSA (1.37 per cent), FID Funds (2.12 per cent) Morgan Stanley (2.27 per cent) and domestic mutual funds like Prudential ICICI, HDFC MF to have significant equity interests in the media company, latest data shows.
On March 23, Kuvera fund, Citigroup Global and ITF Mauritius were allotted equity shares through a similar conversion of FCCBs.
Based on the information available on total number of shares of Deccan Chronicle, Swiss Finance Corp by virtue of the 5.4 lakh shares now holds 0.22 per cent stake.
ADVERTISEMENT
Shares of Deccan Chronicle closed at Rs 225, up 3.35 per cent on the Bombay Stock Exchange.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
