Media firm Deccan Chronicle Holdings today said it will merge its wholly-owned subsidiaries -- IPL team Deccan Chargers Sporting Ventures and retail store chain Odyssey India -- with itself.
In a meeting held today, the Board of Directors have approved a Scheme of Amalgamation for merger of company's wholly-owned subsidiaries viz, Deccan Chargers Sporting Ventures and Odyssey India with itself, Deccan Chronicle Holdings said in a filing to the Bombay Stock Exchange.
The appointed date of the amalgamation is April 1, 2010, and is subject to the approval from the High Court of Andhra Pradesh, it added.
Deccan Chronicle Holdings is the publisher of newspapers, 'Deccan Chronicle' and 'Financial Chronicle'.
"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 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.
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Odyssey operates through 58 stores (50 Odyssey stores, 2 The Eyewear Stores, 5 Editions and one Toyopia) in 13 cities.
Shares of Deccan Chronicle Holdings closed at Rs 98.20 a piece, down 0.76 per cent from its previous close on the BSE.