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Delta Corp promoter Jaydev Mody has a significant stake in Peninsula Land, headed by his sister Urvi Piramal and run by his nephews. This has raised governance concerns as the company doesnt seem to have taken even the large shareholders into confidence. Also, the move comes at a time when Delta is facing an INR23,000 crore GST liability.
"Delta has decided to make a strategic investment of Rs 99,99,88,000 in Peninsula Land (PLL), which will issue 1,50,00,000 equity shares and 77,27,000 CCDs at Rs 44/-. Furthermore, a joint venture is envisaged to be established between Delta & PLL with a capital outlay of Rs 250 crores, where Delta will be a majority stakeholder. This JV will help Delta expand into the sector," the company said in an exchange filing.
Delta Corp holding in the listed developer will move up to 4.88% post issuance of equity shares and 7.20% after the conversion of CCDs. Both equity shares and CCDs will be issued at Rs 44 each. Each CCD will be convertible on 16th April 2025 into one equity share.
The September 22, claim by the tax department is 3.5x Delta Corp’s last closing market cap and more than double the company’s last decade’s revenue. One saving grace is that the company is debt free.
Delta Corp: Sitharaman said the GST Council has recommended that valuation of supply of online gaming and actionable claims in casinos may be done based on the amount paid or payable to or deposited with the supplier.