Troubled IPL franchisee Deccan Chargers is set to be sold to Mumbai-based real estate firm Kamla Landmarc Real Estate Holdings for an undisclosed sum, its owner Deccan Chronicle Holdings Ltd said today. Although, the BCCI has still not yet given the green signal of approval on the franchisee sale.
DCHL 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 BSE.
The company said it has approved the draft memorandum of understanding placed before the Board of Directors at its October 11 meeting.
The company, 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 climbed 4.92 per cent to Rs 9.60 on the BSE soon after the announcement.