IDBI Bank puts Deccan Chronicle's newspaper titles on the block

Says will transfer four titles to the highest bidder

Public sector lender IDBI Bank today issued fresh proposal to auction four newspaper titles owned by Hyderabad-based media house Deccan Chronicle Holdings (DCHL) to recover its dues.

The lender has said it will transfer four titles---Deccan Chronicle, Andhra Bhoomi, The Asian Age and Financial Chronicle---to the highest bidder.

"IDBI Bank, hereby, invites all the interested persons to submit their proposals/bids for acquiring, on an "as is" basis, the trademarks collectively or separately for each trademark," the lender said.

The notice further read,"As security for the financial assistance granted by IDBI Bank, DCHL along with the other co-owners has created a charge by way of hypothecation on their trademarkes...Due to failure on the part of DCHL to repay the financial assistance provided to it, IDBI Bank has decided to enforce the security."

IDBI Bank, in February, had issued similar notice, which had got a stay from the debt recovery tribunal (DRT) due to objections from other lenders.

DCHL owes around 18 lenders to the tune of Rs 4,000 crore.

Shares of the company were trading at Rs 2.27, up 0.9%.