Delta Corp has informed that as part of the Company’s strategic re-entry into the realty business, the Board of Directors of Company at its meeting held on 30th November, 2023 has approved the proposal for investment in Peninsula Land (PLL) by way of subscription of the following securities of PLL: (a) 1,50,00,000 equity shares of face value of Rs 2 per share at an issue price of Rs 44 for an aggregate cash consideration of Rs 66,00,00,000 and (b) 77,27,000 0% unsecured compulsory convertible debentures (CCDs) of face value Rs 44 each convertible into 1 fully paid-up equity share of PLL having face value of Rs 2 on April 16, 2025, for an aggregate cash consideration of Rs 33,99,88,000. Apart from the above investment, the Company and PLL also proposed to establish a joint venture in due course, with the Company being the majority shareholder, and the parties propose to invest approximately Rs. 250,00,00,000in this joint venture. It is also proposed that PLL will be the development manager of this joint venture. A copy of press release in this regard is also annexed.
The above information is a part of company’s filings submitted to BSE.
