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Delta Corp's stock may see action in the next session. The company has announced to demerge the hospitality and real estate business. The company has given this information after the market closed. In the information sent to the stock market, the company said that the demerger has been approved in the meeting held on 24 September 2024. According to the information given by Delta Corp, the new company formed after the demerger will also be listed in the stock market and the shareholders of the company will be issued one share of the new company for every one of their shares. On Tuesday, Delta Corp's stock closed below the level of 130 with a decline of more than 1 percent.
What information has been given?
Delta Corp has informed that the company works in gaming (live, electronic and online) and hospitality and real estate. The hospitality and real estate segment includes a 176-room hotel located in Daman, an under-construction project worth Rs 440 crore in Goa and land in Goa where a water park is proposed. The company has also invested in hospitality and real estate companies. Delta Corp informed that Delta Penland Private Limited i.e. DPPL is a newly established company which is its wholly-owned subsidiary which will handle the hospitality and real estate business. The company will be listed in the market later. At present, the demerger is yet to get many other important approvals including from shareholders, SEBI, NCLT. How was the performance of the stock? In Tuesday's trading, the stock closed at 129.25 with a decline of 1.6 percent on the BSE. The highest level of the year for the stock is 159.75 and the lowest level of the year is 104.3. The stock has been a loss-making deal for its investors in the last one year. A year ago, the stock was at the level of 140. At the beginning of the year, the stock reached the upper levels of the year, after which the stock has seen fluctuations.
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