Shares of Delta Corp hit an upper circuit limit of 5% at Rs 62.45 after the company said its board approved a proposal to buyback shares worth up to Rs 125 crore at a price not exceeding Rs 100 per share.
Delta Corp on Saturday (28 March) said that at the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 1.25 crore equity shares, comprising approximately 4.61% of the total paid-up equity share capital of the company, as of 31 December 2019, on a standalone basis.The company said it will utilise at least 50% of the amount earmarked as the maximum buyback size for the buyback. Based on the minimum buyback size and maximum buy-back price, the company would purchase a minimum of 62.50 lakh equity shares.
As on 28 March 2020, the promoters and promoter group held 32.77% stake in the company.
The stock has added 15.97% in three sessions from a recent closing low of Rs 53.85 recorded on 25 March 2020.
Delta Corp is the only listed company engaged in the casino (live, electronic and online) gaming industry in India. It currently own and operate casinos Goa and Sikkim. In addition, the company also own and operate the online poker site 'Adda52.com', the online rummy site 'Adda52rummy.com' and the online fantasy sports site 'LeagueAdda.com'.
The casino operator reported a consolidated net profit of Rs 55.07 crore in Q3 December 2019, up 9% from Rs 50.53 crore in Q3 December 2018. Net sales, however, remained flat at Rs 205.13 crore in Q3 December 2019 as compared to Rs 205.15 crore in Q3 December 2018.
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