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Real Assets | 21 September 2010

Rakesh Jhunjhunwala And Other Investors To Buy 11.6% In Delta Corp

by Deeshesh Chheda
Rakesh Jhunjhunwala And Other Investors To Buy 11.6% In Delta Corp
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Billionaire investor Rakesh Jhunjhunwala, D-Mart retail chain promoter Radhakrishna Damani and one more investor are buying 11.6% stake in Mumbai-based real estate and hospitality firm Delta Corp. Ltd for Rs.200 Cr at Rs.51 per share.

The three investors will collectively put in Rs 201.5 crore out of which Rs.120.9 Cr will come in via equity while Rs 80.6 crore will be via warrants that can be later converted into stock.

Jhunjhunwala will invest Rs.76.5 Cr and join Delta Corp's board, while Damani will put in Rs.25.5 Cr and the balance of Rs.18.9 Cr which is likely to come from the third investor. (However according to moneycontrol, another investor will invest Rs 13.5 crore via equity, but as per calculation, the other investor might invest Rs.18.9 Cr i.e. Total Contribution of 120.9 Cr - Jhunjhunwala's 76.5 Cr - Damani's 25.5 Cr).

Delta Corp. will use the money to acquire stakes in casinos in Goa and Daman.

Corporate lawyer Zia Mody of AZB Partners and her husband Jayadev Mody will invest Rs.70 Cr as part of the promoters’ contribution. Both together own 47.81% in Delta Corp.

Alchemy Shares and Stock Brokers Pvt. Ltd was the exclusive adviser on the deal.

Transaction Reference: Moneycontrol


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