Real estate, gaming and hospitality company Delta Corp Ltd. is set to raise up to Rs 500 crore via a qualified institutional placement (QIP), a person involved with the issue told BloombergQuint requesting anonymity.
The company will launch the issue this week and use the proceeds to pare debt, invest in online gaming and fund acquisitions, the person cited above said.
Marquee domestic funds have expressed interest in the QIP and Motilal Oswal is the sole investment banker for the deal.
The issue is likely to be priced in the range of Rs 160-170 per share, the person cited above added. An email to the management of Delta Corp did not elicit any response.
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 approved the QIP in April in an extraordinary general meeting.
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