Deccan Chronicle acquires Odyssey for Rs 612 million

MUMBAI: Deccan Chronicle Holdings (DCHL) has acquired the Odyssey retail chain company in an all cash deal of Rs 612 million.

DCHL informed the Bombay Stock Exchange (BSE) that in pursuant with the agreement executed with Odyssey India Ltd, the company incorporated under the Companies Act 1956 with all its branches where ever situated to acquire and take over and merge the business with all its rights, assets and liabilities recorded in its book as on 5 September, 2005 with effect immediately.
 
 
The company has acquired 100 per cent, 1,15,14,140 equity shares of Re 1 each of Odyssey India LTD for a total cash consideration of Rs 612 million from the promoters of Odyssey India LTD and such other persons acting in consent besides financial investors.

 
Odyssey is a leisure retail chain sells books, music, toys, greeting cards and FMCG products of leading domestic and international brands. Odyssey has 50,000 sqft of retail space in 12 locations in six cities – Hyderabad, Trichy, Chennai, Coimbatore, Varansai and Salem.