डेल्टा कॉर्प ने आतिथ्य और रियल एस्टेट कारोबार के विभाजन को मंजूरी दी।

Delta Corp approves demerger of hospitality and real estate business.

Delta Corp Ltd announced on Tuesday (September 24) that its board of directors has approved the demerger of its hospitality and real estate divisions through a Composite Scheme of Arrangement. This move will enable Delta Corp to concentrate more on its gaming and online entertainment operations, while the newly established entity will focus solely on hospitality and real estate.

The new company, Delta Penland Private Ltd, will take over the hospitality and real estate business as a wholly-owned subsidiary of Delta Corp.

As part of the proposed arrangement, Delta Corp shareholders will receive one equity share in Delta Penland for each share they hold in Delta Corp, ensuring that their ownership ratio remains unchanged in the new company. Delta Penland's shares will be listed on stock exchanges, allowing for liquidity and targeted investment in the hospitality and real estate sectors. The share exchange ratio was determined by SSPA & Co., Chartered Accountants, with a fairness opinion from Kunverji Finstock Private Ltd.

The demerger is anticipated to take 10 to 12 months to finalize, pending necessary approvals from shareholders, stock exchanges, SEBI, and the National Company Law Tribunal (NCLT). Management has indicated that the transition will not materially affect the company’s employees, customers, or business partners.

Delta Corp’s hospitality and real estate portfolio includes notable properties such as Deltin Suites, a 106-room all-suite hotel with a casino in Goa, and The Deltin, a five-star resort in Daman featuring 176 rooms on a 10-acre property. Additionally, the new entity will include Marvel Resorts, a 440-room hotel currently under construction in Goa, and plans for an integrated resort with a water park on 88 acres in Dhargalim, Goa, along with Delta Corp's investments in other hospitality and real estate ventures.

Shares of Delta Corp Ltd closed at ₹129.50, a decrease of ₹1.85, or 1.41%, on the BSE.

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