Deccan Chronicle up 5% on IPL stake sale talk
Deccan Chronicle surged nearly 5 Per cent in trade on Friday and was locked in upper circuit after the company sold its IPL cricket team to real estate company Kamala Landmarc Estate Holdings.
By ET Online |
NEW DELHI: Deccan Chronicle surged nearly 5 Per cent in trade on Friday and was locked in upper circuit after the company sold its IPL cricket team to real estate company Kamala Landmarc Estate Holdings.
“The decision to sell the team to the real estate company was taken after a board meeting of Deccan Chronicle Holdings on Thursday,” the company informed BSE in a filing on Friday.
At 01:40 pm, Deccan Chronicle was locked in upper circuit at Rs 9.60, up 4.9 per cent.
The company has time till 5:00 pm on Friday to submit Rs 100-crore bank guarantee. The Indian cricket board had terminated the contract of IPL's Hyderabad franchise on September 15.
“The decision to sell the team to the real estate company was taken after a board meeting of Deccan Chronicle Holdings on Thursday,” the company informed BSE in a filing on Friday.
At 01:40 pm, Deccan Chronicle was locked in upper circuit at Rs 9.60, up 4.9 per cent.
The company has time till 5:00 pm on Friday to submit Rs 100-crore bank guarantee. The Indian cricket board had terminated the contract of IPL's Hyderabad franchise on September 15.
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