Mumbai: Media firm Deccan Chronicle Holdings on Monday said it will merge its wholly-owned subsidiaries -- IPL team Deccan Chargers Sporting Ventures and retail store chain Odyssey India with itself.
The board of directors have approved a scheme of amalgamation for merger of the company’s wholly-owned subsidiaries viz, Deccan Chargers Sporting Ventures and Odyssey India with itself, the company said in a filing to the Bombay Stock Exchange (BSE).
The amalgamation is subject to the approval from the high court of Andhra Pradesh, it added.
“Since the transferor companies are wholly-owned subsidiaries, no fresh shares will be issued by Deccan Chronicle Holdings upon coming into effect of the scheme,” it said.
Deccan Chronicle Holdings is the publisher of newspapers, ‘Deccan Chronicle´ and ‘Financial Chronicle´.
Its subsidiary , Deccan Chargers had bought players like Kevin Pietersen, Dale Steyn, Kumar Sangakkara and Ishant Sharma during the auctions for the fourth season of the Indian Premier League cricket tournament.
Odyssey operates through 58 stores in 13 cities.
The media firm’s shares closed at Rs 98.20 a piece, down 0.76% from its previous close on the BSE.