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Deccan Chronicle Holdings applies for corporate debt restructuring

Deccan Chronicle Holdings Ltd has run up huge debts and the board of the company last week has decided to make an application to CDR Cell under CDR Mechanism as envisaged under the RBI guidelines.
 
Shares of Deccan Chronicle Holdings Ltd fell by 8.43 per cent on Monday, on news of corporate debt restructuring (CDR) plans of the company.
 
The company shares closed the day’s trade down at Rs 13.26 against 52-week high of Rs 62.50 and a low of Rs 9.56 in August 2012.
 
The details of the total debt and the quantum of restructuring DCHL would seek have not been disclosed in the filing with the National Stock Exchange.
 
DCHL has run up debts in the range of Rs3,200 crore to Rs4,000 crore and has been seeking a recast for a while, as repayments were causing significant stress on the company.
 
A group of bankers that met in Mumbai recently said the company’s loans stand around Rs3,270 crore. But sources said the figure would be higher after taking into account some of DCHL’s unsecured loans.
 
As per ministry of corporate affairs (MCA) filings, ICICI Bank is the largest lender to the company with exposure of around Rs610 crore, followed by IDFC Bank Ltd and Future Capital with Rs. 170 crore each. Axis Bank has exposure of Rs. 100 crore, Canara Bank Rs. 75 crore, Indian Overseas Bank Rs. 70 crore and Yes Bank Rs. 50 crore.

 

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