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Delta Corp's arm files IPO papers with SEBI

17 Jun , 2022   By : Kanchan Joshi

Delta Corp's arm files IPO papers with SEBI

Delta Corp on Thursday informed that the company's wholly-owned subsidiary Deltatech Gaming Limited (DGL) has filed draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) to raise funds through initial public offering (IPO).

The initial share sale will comprise a fresh issue of its equity shares of face value of Re. 1 each, for an amount aggregating up to around Rs300 crore and an offer for sale (OFS) of the Equity Shares held by the company, for an amount aggregating up to about Rs250 crore.

"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 Corp announced in an exchange filing on Thursday.

The IPO will be subject to market conditions, receipt of applicable approvals and other considerations. The company said that upon completion of the Offer, Deltatech Gaming will continue to be a subsidiary of Delta Corp Limited.

Delta Corp is an Indian gaming and hospitality company in India, that owns and operates casinos (live, electronic and online). Delta Corp shares are down about 6% in a year's period, and have declined over 34% in 2022 (YTD) so far.

Delta Corp's consolidated net profit for the fourth quarter fell 17% to Rs48 crore as compared to Rs58 crore in the corresponding period of last year. The company's sales rose marginally to Rs218 crore from Rs211 crore a year ago. The company said it posted robust numbers for the full financial year despite closure of operations over various periods on account of ongoing Covid crisis.

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