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Delta Corp's wholly-owned subsidiary, Deltatech Gaming Ltd. has filed its Draft Red Herring Prospectus (DRHP) with Indian market regulator SEBI to raise funds via an IPO.
Delta Corp. Ltd. is the flagship company of the Delta Group and is engaged in the casino gaming industry in India and manages several casinos and hotels.
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Delta tech Gaming Ltd. is a wholly-owned subsidiary of Delta Corp. It was earlier known as Gaussian Networks and was launched in 2011. Delta Corp acquired the company in 2017 for a consideration of Rs 224 crores. The company operates a casino site Adda52.com, and Adda.games that offers multi-games.
The issue will comprise Rs 300 crores worth of fresh shares (of Face Value Rs 1) and an OFS of Rs 250 crores, bringing the total issue to Rs 550 crores. The offer shall reserve 75% of the issue for QIBs, 15% for NIIs, and a meager 10% for Retail Investors. The offer also includes a reservation for subscription by eligible employees and Delta shareholders.
Moreover, the company is said to be considering a preferential issue of Rs 50 crores and is consulting its bankers, Axis Capital and JM Financial, regarding the same. If the placement is completed, the fresh issue size will be reduced.
"We wish to inform you that Deltatech Gaming Limited (formerly known as Gaussian Networks Private Limited) ("DGL"), has filed a draft red herring prospectus dated June 16, 2022 ("DRHP") with the Securities and Exchange Board of India, for a proposed initial public offering, comprising a fresh issue of its equity shares of the face value of Re. 1 each ("Equity Shares"), for an amount aggregating up to ~ 3,000 million and an offer for sale of the Equity Shares held by the Company, for an amount aggregating up to ~ 2,500 million ("OFS") (the "Offer")," Delta Corp said in a regulatory filing.
Delta Corp's shares have been declining consistently since early April. However, yesterday the shares surged 12.39% to close at Rs 184.20 per share, registering a loss of 44.68% to investors since the beginning of April 2022.
Article by Aman Agarwal.
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