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In the revised scheme, the Dhargalim Project, currently in its developmental stage and requiring substantial capital investment, will be demerged into Deltin Hotel & Resorts Private Ltd, a wholly-owned subsidiary of Delta Penland Private Ltd (DPPL).
“Considering that the Dhargal Project is currently in its nurturing stage and will require significant capital investment for completion, it has become imperative to raise capital in the form of equity and/or debt and have a focused approach for its development,” Delta Corp said in a regulatory filing.
Meanwhile, the remaining hospitality and real estate business will be demerged into DPPL, the resulting company.
Also Read: Delta Corp Q2 Results | Online gaming co hits a low note with 61% net profit slump
The scheme, approved earlier on September 24, 2024, had initially proposed transferring the entire hospitality and real estate business, including the Dhargalim Project, to DPPL. The revised plan introduces a more focused approach to developing the Dhargalim Project while maintaining shareholder value.
Upon implementation, shareholders of Delta Corp will receive one equity share in DPPL for every share held in the company. The share entitlement ratio remains unchanged as confirmed by SSPA & Co, Chartered Accountants, and Kunverji Finstock Private Ltd, an independent SEBI-registered Category-I merchant banker. DPPL shares will be listed on the stock exchanges post-approval.
“Upon the Scheme becoming effective, all shareholders of the company are and will be the ultimate beneficial owners of DPPL in the same ratio (inter se) as they hold shares in the company. The shares of DPPL shall be listed on the stock exchanges pursuant to the Scheme. The Scheme will have no impact on employees, customers and our business partners,” Delta Corp said.
Also Read: Delta Corp approves demerger of hospitality and real estate business
The scheme is subject to approvals from shareholders, stock exchanges, SEBI, the National Company Law Tribunal (NCLT), and other regulatory bodies, which are expected to take 10-12 months. Once effective, all shareholders of Delta Corp will be the ultimate beneficial owners of DPPL in the same proportion as their existing shareholding.
Delta Corp’s Hospitality and Real Estate business includes Deltin Suites, a 106-room, all-suite hotel with a casino located in Goa; The Deltin, a 176-room five-star deluxe property and the largest integrated resort spread over 10 acres located in Daman; Marvel Resorts, a proposed approximately 440 room hotel spread over 8,000 square metres in Goa; and land situated in Dhargalim, Goa, where it is proposed to develop an integrated resort with a water park spread over 88 acres.
Shares of Delta Corp Ltd ended at ₹122.65, up by ₹3.20, or 2.68% on the BSE.
Also Read: Delta Corp shares rise 10% on demerger approval of hospitality and real estate business
