Deccan Chargers sold to Kamla Land
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Mumbai-based real estate firm Kamla Landmarc Construction is the new owner of the Hyderabad based IPL team Deccan Chargers. The deal was finalised by Jitendra Jain-promoted Kamla Landmarc and T Venkattram Reddy's Deccan Chronicle Holdings (DCHL) over the last few days. The size of the deal is yet to be confirmed.
In an announcement at the Bombay Stock Exchange, DCHL said, "Pursuant to its Meeting of the Board of Directors held on October 11, 2012, it was resolved to authorize the Board of Directors 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."
Jitendra Jain of Kamla Landmarc remained unavailable for comments. A source who is aware of the development confirmed that the talks were on for a few days and the deal got finalised over the last couple of days.
DCHL shares reacted immediately and jumped 4.9 per cent on the news and were trading at day's high of Rs 9.6 per share on Friday.
Barely a month ago, Deccan Chargers owners DCHL rejected a Rs 900 crore bid from a film production company PVP Ventures. BCCI had said that both the price and the terms of the payment were not acceptable to them.
Stressed under high debt of over Rs 4,300 crore, DCHL has been looking to raise funds in order to meet its liabilities. It recently defaulted on its payments to some financial institutions.
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