Swiss Finance Corp buys stake in Deccan Chronicle

Swiss Finance Corp buys stake in Deccan Chronicle
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First Published: Fri, Jun 08 2007. 07 24 PM IST
Updated: Fri, Jun 08 2007. 07 24 PM IST
PTI
Mumbai: Foreign brokerage firm Swiss Finance Corp has acquired 541,410 shares of Deccan Chronicle Holdings, publishers of Deccan Chronicle, through conversion of foreign currency convertible bonds (FCCBs) into equity shares.
In a communique to BSE, Deccan Chronicle said its share allotment committee in a meeting on 8 June approved the allotment of 541,410 equity shares of Rs2 each (face-value) as per the terms of the bonds.
The stock, which has gained 17% or Rs32 in the past month, has been one of the active media stocks during this period. In June, nearly 1.7 million shares of Deccan Chronicle have been traded against 3.6 million shares traded on BSE in whole of May.
Swiss Finance Corp is the latest among foreign institutional investors like CLSA (1.37%), FID Funds (2.12%) Morgan Stanley (2.27%) and domestic mutual funds like Prudential ICICI, HDFC MF to have stakes in the media company, data shows.
On 23 March, Kuvera fund, Citigroup Global and ITF Mauritius were allotted equity shares through a similar conversion of FCCBs.
Based on the information available on total number of shares of Deccan Chronicle, Swiss Finance Corp by virtue of the 541,410 shares now holds 0.22% stake.
Shares of Deccan Chronicle closed at Rs225, up 3.35% on Bombay Stock Exchange.
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First Published: Fri, Jun 08 2007. 07 24 PM IST
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