Deccan Chronicle Holdings Ltd to consider preferential issue

The Board of Directors of Deccan Chronicle Holdings Ltd at its meeting held on January 16, 2014, has approved proposals, subject to necessary approvals.

The Board of Directors have constituted and authorized the board committee comprising of three directors of the Company to consider and approve the issue and allotment of equity shares on preferential allotment basis to prospective investors and to do all necessary acts, deeds and things as may be required or deem appropriate for the above purpose.

The Board of Directors have also taken note of the conversion notice received from one of its lender viz. SREI Infrastructure Ltd (SREI) for conversion of part of its outstanding loan into equity in accordance with the provisions of the loan agreement and applicable provisions of the Companies Act, 1956 including Section 81(3) of the Companies Act, 1956 and the rules made therein. The Board of Directors have constituted and authorized the board committee comprising of three directors of the Company to enter discussions with SREI in respect of the above and to do all necessary acts, deeds and things as may be required or deem appropriate for the above purpose, subject to necessary approvals.

Subject to necessary approvals, the Board of Directors have considered and accepted the recommendation made by the Audit Committee for appointment of joint auditors for the Company and has constituted and authorized the board committee comprising of three directors of the Company to discuss, review and finalise an audit firm, from & out of the top-six firms in the country to act as joint auditors of the Company and to negotiate the terms of their appointment and to do all necessary acts, deeds and things as may be required or deem appropriate for the above purpose.

Shares of Deccan Chronicle Holdings Ltd was last trading in BSE at Rs.3.74, up by Rs.0.17 or 4.76%. The stock hit an intraday high of Rs.3.74 and intraday low of Rs.3.45.

The total traded quantity was 2.73 lakh shares as compared to 2 week average of 1.35 lakh shares.

Source : Equity Bulls

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