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ICICI Bank acquires shares of DCHL

ICICI Bank has acquired 1.8 crore shares of Deccan Chronicle Holdings by invoking the pledge on these shares, taking its holding to 9.81% from 1.2%. The bank is one of the key lenders to the liquidity-hit company, which publishes English daily Deccan Chronicle and other publications. Earlier, the bank held 25 lakh shares and with this invocation of pledged shares, its total holding in the company will go up close to 10%. The company, which has loans over Rs 4,000 crore borrowed from many banks, is faced with litigation in several civil and criminal courts, debt recovery tribunals and also winding up petitions. Several banks including Andhra Bank, Canara Bank, Indian Overseas Bank, State Bank of Hyderabad, Axis Bank and Indiabulls, have initiated recovery proceedings from the company. Some of the company’s properties have been attached and proceedings to sell them have also been initiated.

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