17 Jun , 2022 By : Divye Saini
Goa-based casino operator Delta Corp NSE 10.86 % has filed IPO papers for its gaming arm - Deltatech Gaming. Following the news, shares of Delta Corp rallied 8.6 per cent to the day's high of Rs 179.25 on Friday.
Incidentally, Rakesh Jhunjhunwala, who also owns a substantial stake in another gaming stock Nazara Technologies NSE -2.33 %, has trimmed holding in Delta to 3.365 per cent from 6.169 per cent earlier.
Jhunjhunwala’s move disappointed investors but the IPO news brought the bulls back to the counter. Delta stock was placed under F&O ban today.
“Further to our disclosure dated 11th January 2022, we wish to inform you that Deltatech Gaming Limited (formerly known as Gaussian Networks Private Limited) ("DGL"), a wholly-owned subsidiary of Delta Corp Limited (the "Company"), has filed a draft red herring prospectus dated June 16, 2022 ("DRHP") with the Securities and Exchange Board of India, for a proposed initial public offering,” Delta said in a BSE filing.
The planned IPO comprises a fresh issue of its equity shares of the face value of Re 1 each for an amount aggregating up to Rs 300 crore and an offer for sale (OFS) of up to another Rs 250 crore, taking the total to Rs Rs 550 crore.
Delta said the planned IPO would have a reservation for eligible public equity shareholders of the company.
After the IPO, the new-listed entity DGL will continue to be a subsidiary of Delta Corp.
0 Comment