Delta Corp to also form Rs 250-cr JV

04 Dec 2023 CW Team

Delta Corp has entered into an agreement to invest in the Ashok Piramal Group?s real estate development company Peninsula Land. The developer will be issuing equity shares and compulsorily convertible debentures (CCDs) to Delta Corp to raise Rs 100 crore as part of this strategic collaboration.

The company will be issuing 1.50 crore equity shares on preferential basis and 77.27 lakh CCDs to Delta Corp that is already a member of the promoter group of Peninsula Land. The developer will be using this funding as growth capital.

Delta Corp holding in the listed developer will move up to 4.88% post issuance of equity shares and 7.20% after the conversion of CCDs. Both equity shares and CCDs will be issued at Rs 44 each. Each CCD will be convertible on 16th April 2025 into one equity share.

?Today, India's real estate sector is poised for growth and presents attractive opportunities to businesses. The industry is consolidating as regulations increase, demand grows, and customers increasingly seek established and trusted brands. Through this strategic venture with Peninsula Land, Delta is perfectly positioned to take advantage of this new phase of growth in India's realty space,? said Jaydev Mody, Chairman, Delta Corp.

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