Mumbai, May 23: Deccan Chronicle Holdings Ltd today announced that it has acquired a 90 per cent stake in Asian Age Holdings Ltd, publisher of The Asian Age newspaper.

Deccan Chronicle (DCHL) was already holding around 23 per cent in Asian Age Holdings. It acquired the additional 67 per cent stake from four investors ? M. J. Akbar, United Breweries, Zee Telefilms and T. Venkattram Reddy. Sources said the total cost of acquisition was around Rs 17 crore.

DCHL acquired close to 20,050 shares or 26 per cent from Akbar, 23 per cent from UB, 15 per cent from Zee and 3 per cent from Reddy.

DCHL informed stock exchanges that the brand ownership and revenues would be transferred to the company. The Asian Age brand is expected to contribute Rs 75-100 crore to the topline of DCHL by 2006-07, the company added.

Deccan Chronicle Holdings has reported a 46 per cent rise in net profit at Rs 5.88 crore for the fourth quarter ended March 31 compared with Rs 4 crore a year ago.