Delta Corp Approves Fund Raise Plan via Equity Shares or QIP

Delta Corp, an Indian real estate company, decides to raise up to Rs 750 crore through equity shares or other securities via qualified institutional placement (QIP).

The realty firm’s board of directors already approved this motion to increase the fund by issuing equity shares or any other permissible securities through QIPs for an exact aggregate amount of Rs 750 crore. As of now, there is no information on where or which project this amount will be spent.

The company is waiting for the agreement from its stakeholders to make the fund-raising plan successful. Reportedly, Delta Corp has scheduled the meeting with its potential stakeholders on April 18 this year. Recently, it has appointed Chetan Desai as a Director.

Delta Corp has marked its presence in real estate, hospitality and gaming and entertainment sectors. The firm developed and sold five commercial properties in the last five years. It is now moving out of real estate business as part of its consolidation strategy. The company will now mainly focus on its core business of gaming and hospitality.

Source: ET Realty & Delta Corp

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