Deccan Chronicle to buy Odyssey for RS 61.20 Cr

Televisionpoint.com Team
Deccan Chronicle Holdings, the publishers of Deccan Chronicle and The Asian Age newspapers will buy the leading book store company Odyssey India for RS 61.20 Crores in an all cash deal.

Odyssey India has 12 book stores in six cities (Chennai, Hyderabad, Trichy, Coimbatore, Salem and Varansi), totaling 50,000 sq.ft. of retail space is a chain which sells books, music, toys, greeting cards and FMCG products of leading domestic and international brands.

Deccan Chronicle has informed the stock exchanges that the board has consider various organic and inorganic growth options at its meeting today. Deccan Chronicle Holdings will acquire 100 % equity of Odyssey, which comprises of 11.5 million shares with face value of RS 1.

"Odyssey's acquisition is a strategic move which brings us closer to consumers in relevant markets who are our readers, (and) also brings us closer to large FMCG companies who are big advertisers," said T. Venkatram Reddy, Chairman, Deccan Chronicle.

Deccan Chronicle has revised its FY06 Profit After Tax guidance to RS 70-80 crore. The company also revised its FY06 revenue guidance, to RS 330-RS 350 crore.