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Deccan Chronicle plans IPO — Proposes three editions in TN
Our Bureau
Hyderabad
,
Sept. 29
DECCAN Chronicle Holdings Ltd (DCHL), publishers of Deccan Chronicle, plans to start three editions in Tamil Nadu — one each at Chennai, Tiruchi and Coimbatore — and to raise funds of over Rs 100 crore from the capital market. The Hyderabad-based Rs 122-crore publishing house's English daily has seven editions in Andhra Pradesh.
In a draft red herring prospectus filed with the Securities and Exchange Board of India, the company said though the exact issue amount would be determined based on the issue price discovered through the book-building process, it plans to deploy funds to the tune of Rs 114.36 crore towards setting up of three editions in Tamil Nadu. Of these proceeds, the company proposes to spend Rs 62.45 crore during the period October this year to March next year and Rs 51.9 crore during the next financial year.
DCHL proposes to launch the Chennai and Tiruchi editions, involving investment of Rs 25 crore and Rs 15 crore respectively, during the current financial year. The Coimbatore edition, at an investment outlay of Rs 15 crore, would be launched during the next financial year.
Deccan Chronicle is in the process of setting up a printing facility in Cuddapah in Andhra Pradesh. Besides Deccan Chronicle, DCHL also publishes Andhra Bhoomi in Telugu as a daily, weekly and monthly.
"We propose to spend around Rs 10-crore in marketing expenses for the Tamil Nadu launch," the company has stated.
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