Delta Corp injects Rs 990.99 mn into Peninsula Land

01 Dec 2023 CW Team

Delta Corp (Delta) has decided to invest Rs 990.99 million in Peninsula Land (PLL), a company engaged in the operation of casinos and hotels. The approval for this investment was granted by the board of directors of Delta Corp. The subscription includes equity shares with a face value of Rs 2 per share, issued at an issue price of Rs 44. The total cash consideration for these equity shares amounts to Rs 660 million. Additionally, 77,27,000 - 0% unsecured compulsory convertible debentures (CCDs) with a face value of Rs 44 each, convertible into one fully paid-up equity share of PLL with a face value of Rs. 2, will be issued. This transaction is set to take place on April 16, 2025.

In a media release, Delta Corp stated that due to the deferral of its flagship project in Dhargalim, Goa, and considering its free reserves and cash flows, the company sees a compelling opportunity for long-term growth in the sector. As the majority stakeholder, Delta Corp, through its joint venture, plans to undertake projects primarily in Mumbai and Goa, adhering to its philosophy of maintaining a debt-free company.

The allotment of equity shares and CCDs is anticipated to be completed on or before 30th January 2024. Following the preferential issue of equity shares, Delta Corp will hold 4.86% of the post-issue paid-up share capital of PLL. Additionally, after the conversion of CCDs, the company is expected to possess an additional 2.44% of the fully paid-up share capital of PLL.

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