Troubled Indian Premier League (IPL)
franchisee Deccan Chargers is set to be sold to Mumbai-based real estate firm
Kamla Landmarc Real Estate Holdings for an undisclosed sum.
Owner
Deccan Chronicle Holdings (DCHL) said on Friday that it has authorised the board to sell the franchise.
"Pursuant to its meeting of the board of directors held on October 11, it was resolved to authorise the board of directors to sell, transfer or dispose of the
Deccan Chargers Franchise business undertaking, business division of the company to Kamla Landmarc Real Estate Holdings Private Limited," DCHL said in a filing to the Bombay Stock Exchange (BSE).
The company said it has approved the draft memorandum of understanding placed
before the Board of Directors at its October 11 meeting.
DCHL, however, did not disclose the details of the financial transaction. "The resolution of the board has been passed subject to the approval of DCHL shareholders," it said.
Shares of DCHL closed 4.92 per cent higher at Rs 9.60 on BSE.
With inputs from PTI 
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