Shares of Delta Corp rose after its subsidiary filed for an IPO
Mumbai (Maharashtra):
Shares of Delta Corp rose on Friday after company’s subsidiary DeltaTech Gaming filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for the initial public offering (IPO).
DRHP is a document which contains the financial statements, future prospects and other key aspects with respect to the business of the company, and is being filed to the regulator for raising funds mandatorily through public offering of its shares.
Delta Corp closed 12.42 per cent higher at Rs 184.20 on the BSE.
However, since the start of calendar year 2022, the shares have fallen by about 30 per cent on a cumulative basis, the data showed.
The company’s subsidiary filed DRHP for the proposed Initial Public Offering (IPO), which includes a fresh issue of equity shares for an amount of up to Rs 300 crore and an offer for sale up to Rs 250 crore, the company said in its regulatory filing. Filing said exchanges.
Incorporated in 1990 as a textile and real estate consultancy company, it has grown into diverse sectors such as casino gaming, online gaming and hospitality.
National Stock Exchange data shows that the company’s market capitalization currently stands at Rs 4,871 crore.
Upon completion of the offer, DeltaTech Gaming will continue to be a subsidiary of Delta Corp, the exchange filing said.
It is important to note here that the company’s offer for initial public offering comes at a time when the much-awaited exchange debut of Life Insurance Corporation of India is undergoing a major revamp since its listing on May 17, 2022.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)