Shares of Delta Corp Ltd. jumped to over two-month high on Wednesday after it announced plans to demerge its real estate and hospitality businesses. Upon completion, the businesses will come under its unit, Delta Penland Ltd.
Shareholders of Delta Corp. will receive shares of Delta Penland in 1:1 ratio post demerger, it said in an exchange filing on Tuesday.
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The demerger of the hospitality and real estate business is subject to approval of stock exchanges, Securities and Exchange Board of India, and National Company Law Appellate Tribunal, the exchange filing said.
Delta Corp is demerging the business to focus on its core business—gaming. It intends to improve operational efficiency, and accountability, it said.
Further, the company is not able to extract the value from its hospitality and real estate business as it's core business is gaming. Thus, the demerger will create value, especially after listing, it said in an exchange filing.
Delta Corp. Share Price
Shares of Delta Corp. rose 9.83%, the highest level since July 18, before paring gains to trade 5.62% higher at Rs 136.73 per share, compared to a 0.03% advance in the NSE Nifty 50.
The stock has declined 4.13% in 12 months, and 6.14% year-to-date. Total traded volume so far in the day stood at 37 times its 30-day average. The relative strength index was at 61.37.
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