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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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CMS Info Systems Garners Rs 330 Crore From Anchor Investors Ahead of IPO


CMS Info Systems IPO will open tomorrow for subscription

CMS Info Systems, one of the major cash management companies in the country, has garnered Rs 330 crore from 12 anchor investors ahead of its initial public offer (IPO), which is opening for subscription tomorrow on December 21. The offer will close on December 23.

The company in a filing with Bombay stock exchange (BSE), said that it has finalised allocation of 1,52,77,777 equity shares to anchor investors, at a price of Rs 216 per equity share.

The investors who have invested in the company through anchor book are ICICI Prudential, Nomura India, SBI Mutual Fund, WF Asian Reconnaissance Fund, Aditya Birla Sun Life, Goldmans Sachs, SBI Life Insurance, Abakkus Emerging Opportunities Fund, Theleme India Master Fund and BNP Paribas Arbitrage.

CMS aims to raise Rs 1,100 crore from its public issue. The IPO is entirely an offer-for-sale by promoter Sion Investment Holdings Pte Limited, therefore all the money will go to the selling shareholder and the company will not get any funds from the offer.

The price band for the offer has been fixed at Rs 205-216 per equity share.

The company has reserved half of its offer size for qualified institutional buyers (including anchor investors), 35 percent for retail investors and the remaining for non-institutional investors.



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