+
Delta Corp injects Rs 990.99 mn into Peninsula Land
ECONOMY & POLICY

Delta Corp injects Rs 990.99 mn into Peninsula Land

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.

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.

Next Story
Infrastructure Urban

Budget Proposal Aims to Boost Investments

The recent budget proposal has introduced measures designed to promote investments and generate job opportunities across various industries, as reported by the Economic Times. This initiative seeks to stimulate economic activity and strengthen the country's growth trajectory by encouraging both domestic and foreign investments. Key aspects of the proposal include targeted incentives for sectors poised for expansion, such as renewable energy, infrastructure, and technology. The government aims to create a more favorable investment climate by offering tax benefits, subsidies, and streamlined reg..

Next Story
Infrastructure Urban

Indian Financial System Resilient Amidst Challenges

The Reserve Bank of India (RBI) Deputy Governor M. Rajeshwar Rao has emphasized the robust nature of the Indian financial system despite global economic headwinds, according to Economic Times. Rao?s comments reflect confidence in the stability and resilience of India's financial sector amidst a backdrop of international economic uncertainties and financial volatility. Rao highlighted that India?s financial system is well-equipped to handle external shocks due to its solid regulatory framework and prudent risk management practices. The country?s banking sector has demonstrated resilience throug..

Next Story
Infrastructure Energy

SC Allows State Tax on Mines, Minerals

Opposition leaders have welcomed the Supreme Court's recent decision permitting states to levy taxes on mines and mineral-bearing lands, as reported. The ruling is seen as a significant victory for state governments seeking greater control and revenue from natural resource extraction within their jurisdictions. The Supreme Court?s decision empowers states to impose taxes on mining operations and mineral-rich lands, which could enhance their revenue streams and enable better management of local resources. This move is particularly important for states with substantial mineral resources, as it a..

Talk to us?