Meanwhile, Rakesh Jhunjhunwala and his partner Rekha Jhunjhunwala have sold 7.5 million shareholdings of Delta Corp through open market sales so far in June.
Delta Corp shares rose 9% to Rs 179.25 on the BSE in intra-day trade on Friday in an otherwise weak market after Deltatech Gaming (DGL) filed a draught red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering. Delta Corp.’s wholly owned subsidiary is DGL.
DGL’s IPO will consist of a fresh issue of equity shares with a face value of Rs 1 each for an amount up to Rs 300 crore and an offer for sale (OFS) of the company’s equity shares for an amount up to Rs 250 crore.
According to the company, the IPO will be subject to market conditions, receipt of necessary approvals, and other factors. Deltatech Gaming will remain a subsidiary of Delta Corp after the offer is completed, according to the company.
Delta Corp is India’s only publicly traded company involved in the casino (live, electronic, and online) gaming industry. The company operates in a variety of industries, including casino gaming, online gaming, hospitality, and real estate.
Despite today’s gain, Delta Corp’s stock has underperformed the market in the past month, falling 27% compared to a 6% drop in the S&P BSE Sensex. On Thursday, June 16, 2022, it reached a 52-week low of Rs 162.10.
According to disclosures made to stock exchanges, ace investor Rakesh Must either and his wife Rekha Jhunjhunwala had also sold 7.5 million equity shares of Delta Corp through transparent market sales so far in June. Jhunjhunwala’s family stake in Delta Corp has been reduced from 6.17 percent to 3.36 percent following the transactions.
According to the shareholding pattern data, Rakesh Jhunjhunwala (4.30%) and Rekha Jhunjhunwala (3.18%) held a combined 7.48 percent stake in Delta Corp at the end of the March quarter.
Meanwhile, HDFC Mutual Fund announced a 2.15 percent increase in Delta Corp shareholding by HDFC Mutual Fund schemes as of June 10, 2022. According to HDFC Mutual Fund, the aggregate holding of the Schemes of HDFC Mutual Fund in the Company as of June 10, 2022 is 9.21 percent of the paid up equity share capital of the Company.
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