TNI Bureau: The Deccan Chronicle Holdings Limited (DCHL) sold its IPL franchise “Deccan Chargers” has been sold to a Mumbai based real estate company, Kamla Landmarc.
The owners of DCHL took the decision to dispose off the Hyderabad-based IPL franchise after their meeting of the Boards of Director on Thursday.
In a letter to National Stock Exchange of India Limited and Bombay Stock Exchange Limited,The Deccan writes, “This is to inform you that 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 undertakings/business division of the Company to Kamla Landmarc Real Estate Holdings Private Limited.”
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“The above resolution of the Board has been passed subject to the approval of the shareholders of the Company under Section 293(1)(a) of the Companies Act, 1956 read with Companies, Rules 2001 and subject to the approvals, consents, permission and sanctions as may be necessary from the concerned authorities, lenders and other third parties,” the letter further said.
DCHL’s revenues in the year to March 2012 stood at R869.4 crore while the firm posted a net profit of R61 crore. In the previous year, the revenues stood at R1030.91 crore and profit was R163 crore.
Kamla Landmarc is one of the leading real estate companies in Mumbai. Owned by Mr Ramesh Jain, the company undertakes construction of residential and commercial projects