25-09-2024 01:46 PM | Source: Accord Fintech
Delta Corp jumps after getting nod to demerge Hospitality and Real Estate business

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Delta Corp is currently trading at Rs. 135.20, up by 5.95 points or 4.60% from its previous closing of Rs. 129.25 on the BSE.

The scrip opened at Rs. 139.90 and has touched a high and low of Rs. 141.85 and Rs. 134.60 respectively. So far 812926 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 159.75 on 02-Jan-2024 and a 52 week low of Rs. 104.30 on 04-Jun-2024.

Last one week high and low of the scrip stood at Rs. 141.85 and Rs. 127.50 respectively. The current market cap of the company is Rs. 3613.57 crore.

The promoters holding in the company stood at 33.26%, while Institutions and Non-Institutions held 10.26% and 56.48% respectively.

Delta Corp has received an approval from Board of Directors to demerge its Hospitality and Real Estate Business by way of a Composite Scheme of Arrangement under Sections 230 - 232 read with Section 66 of the Companies Act, 2013 (Scheme).

Delta Penland (DPPL) is a newly incorporated company and shall carry on the hospitality and real estate business. DPPL is a wholly owned subsidiary of the Company. DPPL is in the process of converting from a private limited company to a public company and necessary approvals in this regard are awaited. 

The Hospitality and Real Estate business inter alia includes Deltin Suites, a 106-room, all-suite hotel with a casino located in Goa; The Deltin, a 176-room five-star deluxe property and the largest integrated resort spread over 10 acres located in Daman; Marvel Resorts, a proposed around 440 room hotel spread over 8,000 square metres in Goa currently under advanced stage of construction and land situated in Dhargalim, Goa, where it is proposed to develop an integrated resort with a water park spread over 88 acres. The Board of Directors at its meeting held on September 24, 2024 have approved the same. 

The company is engaged in three business segments i.e. Casino Gaming, Online Skill Gaming and Hospitality.