Real estate, gaming and hospitality company Delta Corp Ltd. launched its qualified institutional placement on Thursday. The company is looking to raise Rs 550 crore through the QIP including a Rs 50 crore greenshoe option, bankers managing the offer told BloombergQuint on the condition of anonymity.
The board approved the fund raising at a floor price of Rs 162.78 per share, according to a stock exchange filing. The shares will be offered at a discount of up to 5 percent on the floor price, the filing added.
BloombergQuint had earlier reported about the QIP. A person privy to the information had said that the company will use the proceeds to cut debt and fund acquisitions.
The board of Delta Corp had in March approved raising up to Rs 750 crore via a QIP to meet capital expenditure requirements, repay debt and for other business purposes. Shareholders had approved the QIP in April in an extraordinary general meeting.
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