Shares in Deccan Chronicle Holdings Ltd, which owns English daily Deccan Chronicle, crashed to a new life-time low Monday after IFCI reportedly described the Hyderabad-based company as commercially unviable and insolvent in its winding-up petition in the High Court filed on Friday.
Earlier, the company's promoters had pledged 54 per cent of their holding on July 26. The three promoters, who together held 73.83 per cent in the company and were individually holding 24.61 per cent each, have pledged their majority of shareholding to Future Capital.
While the company did not elaborate on the financial details of the transaction, based on the closing share price of Rs 22.9 apiece on July 26 at BSE, the promoters are estimated to have raised Rs 258.43 crore.
After the pledging, the three promoters are left with unpledged shares of 6.61 per cent each, or together 19.83 per cent stake in the company.
Public, including FIIs, DIIs and bodies corporate, hold 26.17 per cent in the company.
According to the filing on the BSE, the shares were pledged as a part of collateral encumbrance created in consideration of borrowings by Deccan Chronicle Holdings Ltd and Aviotech.
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