Deccan Chronicle plans foreign float

Deccan Chronicle Holdings has informed the Bombay Stock Exchange that in its forthcoming board meeting on July 27, 2005, it will discuss the offer of up to 9 per cent of its share capital for raising funds through foreign currency convertible bonds (FCCBs), private placement, American depository receipts (ADRs) or global depository receipts (GRDs) subject to a 5-year conversion period.

P K Iyer, executive director, Deccan Chronicle Holdings had stated then that the government's policy on foreign investment has given the management a larger universe to explore new opportunities.

On June 17, the ministry of information and broadcasting had issued a notification where foreign funds, overseas corporate bodies, non-resident Indians and persons of Indian origin would be allowed to invest in Indian newspaper companies.

Besides, the printing of foreign editions of international publications in India has also been allowed and media houses will be permitted foreign institutional investors.