Delta Corp rallied 6.77% to Rs 138 after the company's board approved demerger of its hospitality and real estate business into a newly incorporated company named as Delta Penland (DPPL).
The companys Hospitality and Real Estate Business engaged in providing hospitality services and development and dealing in real estate properties, including associated assets and liabilities. Its turnover was Rs 4.57 crore in FY24.Proposed demerger will be expected to provide better flexibility in accessing capital and attract business specific partners and investors, focused management approach for pursuing revenue growth and expansion opportunities in the respective business verticals and unlock the value and create enhanced value for shareholders and allow a focused strategy in operations.
According to the scheme of arrangement, each Delta Corp shareholder will receive 1 share of Delta Penland for every 1 share held in Delta Corp.
Delta Corp is the only listed company engaged in the casino (live, electronic and online) gaming industry in India. The company is engaged in diversified segments like casino gaming, online gaming, hospitality and real estate.
The companys consolidated net profit tumbled 68.2% to Rs 21.68 crore in Q1 FY25 as compared with Rs 68.18 crore in Q1 FY24. Revenue from operations dropped 30.32% YoY to Rs 180.65 crore in Q1 FY25.
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