D C Holdings rises on Deccan Chargers sale report

Deccan Chronicle Holdings has locked in 5% upper limit of circuit filter at Rs 9.60 on reports that the company has sold its IPL franchise, the Deccan Chargers team to Mumbai-based Kamala Landmarc owned by Jitendra Jain.

“The company has passed a resolution that the board has authorise to sell, transfer/ dispose off the Deccan Chargers Franchise business undertaking(s)/ business division of the company to Kamla Landmarc Real Estate Holdings Private Limited,” Deccan Chronicle said in a filing.

The above resolution of the board has been passed subject to the approval of the shareholders of the company and subject to the approvals, consents, permissions and sanctions as may be necessary from the concerned authorities, lenders and other third parties, it added.

 

The stock opened at Rs 9 and hit a low of Rs 8.95 on the BSE. A combined 2.11 million shares have already changed hands on the counter and there are pending buy orders for 3.99 million shares on both the exchanges.