Delta Corp to Spin Off Hospitality and Real Estate Business into Separate Entity
Delta Corp's hospitality and real estate business to be managed by newly incorporated subsidiary Delta Penland Private Limited
Delta CorpHospitalityReal EstateDemergerGamingReal Estate NewsSep 25, 2024
The hospitality and real estate business will be managed by Delta Penland Private Limited (DPPL), a newly incorporated company and wholly owned subsidiary of Delta Corp. DPPL is in the process of converting from a private limited company to a public company and is awaiting necessary approvals.
Delta Corp's hospitality and real estate business includes several properties, including Deltin Suites, a 106-room hotel with a casino in Goa; The Deltin, a 176-room five-star hotel in Daman; and Marvel Resorts, a proposed 440-room hotel in Goa. The company also holds investments in hospitality and real estate companies.
The demerger is expected to take around 10-12 months to complete and will require approvals from shareholders, stock exchanges, SEBI, NCLT, and other regulatory bodies.
According to Delta Corp, the demerger will lead to a simplified corporate structure, allowing the management to focus on its core gaming business and improve operational efficiency and accountability. The resulting company will focus exclusively on hospitality and real estate.
The company believes that the demerger will also allow both entities to tap into respective sectoral growth strategies and attract specific investors.
As per the share entitlement ratio, eligible shareholders will receive one new equity share of face value Re 1 each for every one equity share of face value Rs 1 each held in the company.
Delta Corp is a leading gaming and hospitality company with interests in live, electronic, and online gaming, as well as hospitality and real estate.Delta Corp Limited is a publicly traded company listed on the Bombay Stock Exchange and National Stock Exchange of India.
Frequently Asked Questions
What is the reason behind Delta Corp's demerger of its hospitality and real estate business?
The demerger is aimed at simplifying the corporate structure, allowing the management to focus on its core gaming business and improve operational efficiency and accountability.
What will happen to the hospitality and real estate business after the demerger?
The hospitality and real estate business will be managed by Delta Penland Private Limited (DPPL), a newly incorporated company and wholly owned subsidiary of Delta Corp.
How will the demerger affect shareholders?
Eligible shareholders will receive one new equity share of face value Re 1 each for every one equity share of face value Rs 1 each held in the company.
What is the expected timeline for the completion of the demerger?
The demerger is expected to take around 10-12 months to complete.
Why is Delta Corp demerging its hospitality and real estate business?
The company believes that the demerger will allow both entities to tap into respective sectoral growth strategies and attract specific investors.
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