Deccan Chronicle soars on buzz of stake sale IPL team
The company has appointed Religare Capital Markets to find the buyers and conclude the deal, says report
Deccan Chronicle Holdings has soared over 11% to Rs 33.75 on back of huge volumes on reports that the company is considering selling their stake in the Indian Premier League (IPL) team and has roped in investment bankers to find prospective buyers.
“Deccan Chronicle group which has acquired the franchise for $107 million in 2008, appointed Religare Capital Markets to find the buyers and conclude the deal,” the report suggests.
As many as a combined 1.2 million shares have already changed hands on the counter in opening deals against an average sub 850,000 shares that were traded daily in past ten trading days on both the exchanges.