Delta Corp. Shares Surge 10% Following Demerger Announcement
- 25 Sept, 08:54 PM (GMT+5:30)
- 2 Min
Summary
Delta Corp. Limited share price saw a rise of 10% on its share price today, September 25, following the company’s announcement of a substantial corporate restructuring on September 24. The Board of Directors approved a draft Composite Scheme of Arrangement to demerge Delta Corp’s Hospitality and Real Estate business into a newly floated entity, Delta Penland Private Limited (DPPL).
Key Takeaways of the Demerger:
- The hospitality and real estate segment of Delta Corp, including its flagship properties like Deltin Suites in Goa and The Deltin in Daman, will now operate under DPPL.
- The demerger is aimed at creating two distinct listed entities: Delta Corp, which will focus on its core gaming operations, and DPPL, which will handle hospitality and real estate.
The corporation affirmed that the separation will facilitate improved management focus, operational efficiencies, and more focused resource allocation. Although Delta Corp. was diversifying into casino gaming, online gaming, hospitality, and real estate, the market had predominantly seen Delta as a gaming company. The demerger is therefore expected to unlock value for Delta shareholders who will be granted common shares in both Delta Corp. and Delta Penland once the scheme is activated on BSE and NSE.
The scheme will be subject to regulatory approvals, including from SEBI, the National Company Law Tribunal (NCLT), and shareholders. After the demerger, shareholders in Delta Corp. will receive for each hold, 1 equity share of Delta Penland. After the demerger of Delta Corporation, Delta Penland will have the same shareholding structure as Delta Corporation.
As Delta Corp moves forward with this restructuring, the market's optimistic response indicates investor confidence in the company’s strategic shift, positioning it for growth in both the gaming and hospitality sectors.
About Delta Corp. Limited
Delta Corp Limited is the only publicly listed company to operate in the gaming (live, electronic, and online) and hospitality areas in India. Founded in 1990 as a textiles and real estate consultancy company, Delta Corp. has diversified into segments such as casino gaming, online gaming, hospitality, and real estate. Delta Corp. and its subsidiaries own and operate the 'Deltin' brand of casinos across the states of Goa and Sikkim. The company also owns and operates 'Deltin Suites', an all-suite casino-hotel in Goa, and 'The Deltin', a five-star hotel and integrated resort in the city of Daman. The company has expanded into e-commerce with the online poker site 'Adda52' and the online rummy site 'Adda52rummy.com', which targets online poker and rummy players.
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PB Fintech Shares Fall by 4% Following Independent Director Resignation
- 25 Sept, 09:48 PM (GMT+5:30)
- 2 Min
Summary
PB Fintech's share price fell by 4% following the announcement made on September 24, 2024, the company announced the resignation of Mr Gopalan Srinivasan, who served as an independent director. His resignation is effective from the close of business hours on the same day, following his appointment as Managing Director and CEO of Galaxy Health Insurance Company Limited.
Key Takeaways from the Resignation
- Mr. Gopalan Srinivasan resigned as Independent Director on September 24, 2024, due to his new role as Managing Director and CEO of Galaxy Health Insurance Company Limited.
- He also stepped down from the Audit, Risk Management, and Corporate Social Responsibility Committees.
- Following the announcement, the company’s share price dropped by 4%, signalling market concern over leadership changes.
Mr. Srinivasan's departure also signifies his exit from key positions within the company’s committees, including the Audit Committee, Risk Management Committee, and Corporate Social Responsibility Committee.
The announcement caused immediate market reactions, with the company’s share price falling by 4%. This decline reflects investor concerns over leadership changes, particularly with Mr. Srinivasan’s crucial role in corporate governance. While the company is expected to restructure its committees, the market will closely monitor any future strategic changes that may follow his resignation.
About PB Fintech Limited (Policybazaar)
PB Fintech Ltd., popularly known as Policybazaar, is India's largest online platform for insurance and lending products. Through its flagship brands, Policybazaar (focused on insurance) and Paisabazaar (focused on lending), the company provides seamless access to a wide range of financial services. It operates as a multinational financial technology company, offering customers a convenient, digital-first experience to compare and purchase insurance and credit products.
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PB Fintech Shares Fall by 4% Following Independent Director Resignation
- 25 Sept, 09:48 PM (GMT+5:30)
- 2 Min
Summary
PB Fintech's share price fell by 4% following the announcement made on September 24, 2024, the company announced the resignation of Mr Gopalan Srinivasan, who served as an independent director. His resignation is effective from the close of business hours on the same day, following his appointment as Managing Director and CEO of Galaxy Health Insurance Company Limited.
Key Takeaways from the Resignation
- Mr. Gopalan Srinivasan resigned as Independent Director on September 24, 2024, due to his new role as Managing Director and CEO of Galaxy Health Insurance Company Limited.
- He also stepped down from the Audit, Risk Management, and Corporate Social Responsibility Committees.
- Following the announcement, the company’s share price dropped by 4%, signalling market concern over leadership changes.
Mr. Srinivasan's departure also signifies his exit from key positions within the company’s committees, including the Audit Committee, Risk Management Committee, and Corporate Social Responsibility Committee.
The announcement caused immediate market reactions, with the company’s share price falling by 4%. This decline reflects investor concerns over leadership changes, particularly with Mr. Srinivasan’s crucial role in corporate governance. While the company is expected to restructure its committees, the market will closely monitor any future strategic changes that may follow his resignation.
About PB Fintech Limited (Policybazaar)
PB Fintech Ltd., popularly known as Policybazaar, is India's largest online platform for insurance and lending products. Through its flagship brands, Policybazaar (focused on insurance) and Paisabazaar (focused on lending), the company provides seamless access to a wide range of financial services. It operates as a multinational financial technology company, offering customers a convenient, digital-first experience to compare and purchase insurance and credit products.
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Delta Corp. Shares Surge 10% Following Demerger Announcement
- 25 Sept, 08:54 PM (GMT+5:30)
- 2 Min
Summary
Delta Corp. Limited share price saw a rise of 10% on its share price today, September 25, following the company’s announcement of a substantial corporate restructuring on September 24. The Board of Directors approved a draft Composite Scheme of Arrangement to demerge Delta Corp’s Hospitality and Real Estate business into a newly floated entity, Delta Penland Private Limited (DPPL).
Key Takeaways of the Demerger:
- The hospitality and real estate segment of Delta Corp, including its flagship properties like Deltin Suites in Goa and The Deltin in Daman, will now operate under DPPL.
- The demerger is aimed at creating two distinct listed entities: Delta Corp, which will focus on its core gaming operations, and DPPL, which will handle hospitality and real estate.
The corporation affirmed that the separation will facilitate improved management focus, operational efficiencies, and more focused resource allocation. Although Delta Corp. was diversifying into casino gaming, online gaming, hospitality, and real estate, the market had predominantly seen Delta as a gaming company. The demerger is therefore expected to unlock value for Delta shareholders who will be granted common shares in both Delta Corp. and Delta Penland once the scheme is activated on BSE and NSE.
The scheme will be subject to regulatory approvals, including from SEBI, the National Company Law Tribunal (NCLT), and shareholders. After the demerger, shareholders in Delta Corp. will receive for each hold, 1 equity share of Delta Penland. After the demerger of Delta Corporation, Delta Penland will have the same shareholding structure as Delta Corporation.
As Delta Corp moves forward with this restructuring, the market's optimistic response indicates investor confidence in the company’s strategic shift, positioning it for growth in both the gaming and hospitality sectors.
About Delta Corp. Limited
Delta Corp Limited is the only publicly listed company to operate in the gaming (live, electronic, and online) and hospitality areas in India. Founded in 1990 as a textiles and real estate consultancy company, Delta Corp. has diversified into segments such as casino gaming, online gaming, hospitality, and real estate. Delta Corp. and its subsidiaries own and operate the 'Deltin' brand of casinos across the states of Goa and Sikkim. The company also owns and operates 'Deltin Suites', an all-suite casino-hotel in Goa, and 'The Deltin', a five-star hotel and integrated resort in the city of Daman. The company has expanded into e-commerce with the online poker site 'Adda52' and the online rummy site 'Adda52rummy.com', which targets online poker and rummy players.
Take your investment to next level
Open a FREE* Demat and Trading account to invest in Stocks, Mutual Funds, IPOs and more
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