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Delta Corp Shares Rise After Subsidiary Entity Files For IPO

Delta Corp Shares Rise After Subsidiary Entity Files For IPO


Delta Corp shares rose after its subsidiary company filed for an IPO

Mumbai (Maharashtra):

Shares of Delta Corp soared sharply on Friday after the company’s subsidiary Deltatech Gaming filed a draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for an initial public offer (IPO).

DRHP is a document that consists of the company’s financial details, future prospects, and other key aspects regarding the business, and is being filed to the regulator to raise money essentially via public offerings of its shares.

Delta Corp closed 12.42 per cent higher at Rs 184.20 on the BSE.

However, since the start of the calendar year 2022, the shares declined nearly 30 per cent on a cumulative basis, data showed.

The company’s subsidiary filed the DRHP for a proposed Initial Public Offering (IPO), comprising a fresh issue of equity shares for an amount aggregating up to Rs 300 crore and an offer for sale aggregating up to Rs 250 crore, the company said in its regulatory filing to the exchanges.

Incorporated in 1990 as a textiles and real estate consultancy company, it evolved into diversified segments like casino gaming, online gaming, and hospitality.

The company’s market capitalization is currently worth Rs 4,871 crore, National Stock exchange data showed.

Upon completion of the offer, the Deltatech Gaming will continue to be a subsidiary of Delta Corp, the exchange filing said.

It is important to note here that the company’s proposal for an initial public offering comes at a time when the much-awaited exchange debut of insurance major Life Insurance Corporation of India has been going through a sizable correction since its listing on May 17, 2022.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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IPO-Bound LIC Appoints 6 Independent Directors On Board


LIC last month appointed six independent directors on its board

New Delhi:

Ahead of its initial public offering (IPO), Life Insurance Corporation (LIC) last month appointed six independent directors on its board to meet regulatory norms of corporate governance.

LIC appointed former financial services secretary Anjuly Chib Duggal, ex- Securities Exchange Board of India (SEBI) member G Mahalingam and former SBI Life managing director Sanjeev Nautiyal, sources said.

Besides, chartered accountant MP Vijay Kumar, Raj Kamal, and V S Parthasarathy have also been roped in as independent directors on LIC’s board.

With these appointments, the total number of independent directors goes up to nine and all vacancies are filled.

Fulfilling corporate governance norms is an important element for filing Draft Red Herring Prospectus (DRHP) with the SEBI.

The central government is expected to file draft papers for the mega initial public offering of LIC with market regulator Sebi by this week, department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey had said.

The embedded value of LIC has been arrived at and it is over Rs 5 lakh crore. The size of the issue would be mentioned in the DRHP.

The issue, after approval of SEBI, is likely to hit the market in March, Mr Pandey said.

Up to 10 per cent of the LIC IPO issue size would be reserved for policyholders.

LIC’s listing is crucial for the government to meet the lowered revenue estimates of Rs 78,000 crore for the current financial year.

Till now, the Centre has raised around Rs 12,000 crore from privatisation of Air India and stake sale in other PSUs.

To facilitate smooth listing of the insurance behemoth, the government last week extended the tenure of LIC chairman M R Kumar for one year.

Besides, the government has also extended the tenure of one of the managing directors, Raj Kumar, for 12 months.

This is the second extension for the LIC chairman. Last year in June, he was given a nine-month extension in a view of LIC’s proposed initial public offering towards the end of the current financial year. 



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LIC To File Draft Papers For Initial Public Offer With SEBI In November


LIC will file draft papers for initial public offer with SEBI by November 2021

The country’s largest insurer, Life Insurance Corporation (LIC), is likely to file draft papers with Securities and Exchange Board of India (SEBI) by November for the largest initial public offer (IPO) in the country’s history, a finance ministry official has said.

“We target to bring the IPO within this fiscal and we have set strict timelines. The draft red herring prospectus (DRHP) would be filed by November,” the official said.

Once the DRHP is filed, merchant bankers will hold global and domestic roadshows for investors by January, the official informed further.

The government last month appointed 10 merchant bankers, including Goldman Sachs (India) Securities Private Limited, Citigroup Global Markets India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited to manage the LIC IPO.

Other selected bankers are SBI Capital Market Limited, JM Financial Limited, Axis Capital Limited, BofA Securities, J P Morgan India Private Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited.

Cyril Amarchand Mangaldas has been appointed as legal adviser for the IPO.

The government is aiming to list the insurance behemoth within the current financial year.

The ministry is in the process of estimating the embedded value of the life insurer and once that is done, the ministerial panel on disinvestment will decide on the government stake that will be divested through IPO, the official said.

The government has appointed actuarial firm Milliman Advisors LLP India to compute the embedded value of LIC ahead of the initial public offering.

The government is also mulling allowing foreign investors to pick up stakes in country’s largest insurer. As per SEBI rules, foreign portfolio investors (FPIs) are permitted to buy shares in a public offer. However, since the LIC Act has no provision for foreign investments, there is a need to align the proposed LIC IPO with SEBI norms regarding foreign investor participation.

The Cabinet Committee on Economic Affairs had in July cleared the initial public offering proposal of Life Insurance Corporation of India.

The listing of LIC will be crucial for the government in meeting its disinvestment target of Rs 1.75 lakh crore for 2021-22.



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