Delta Corp has mandated Citibank and UBS to find a strategic investor.Delta Corp is talking to Las Vegas based casino operators MGM Resorts and Ceaser Entertainment for the stake sale.
These and some other global casino operators have evinced interest in Indian players but are waiting for changes in the legal and regulatory structure for investments.
Transaction Reference: ET
The central government does not permit FDI in gaming and gambling, making it a part of a negative list. Delta's website, however, says that it is the only gaming company in India to have approval from the FIPB to induct foreign investment.
In India casinos are allowed only in Goa, Sikkim and Daman.There are four offshore and 17 onshore casinos in five star hotels in Goa. Delta Corp owns three of the six casino licences in Goa. The first casino in Daman, owned by Delta Corp, will open by the end of this year.
Here is a look at the operating perfomance of the company
| (Rs Mn) | 2010 | 2009 | 2008 | | | | Sales | 1332.84 | 1086.28 | 1065.10 | | | | EBITDA | 467.40 | 485.34 | 495.05 | | | | PAT | 142.38 | 90.01 | 219.04 | | | | Share Capital | 289.55 | 257.91 | 257.91 | | | | Reserves | 3364.40 | 2704.08 | 2770.81 | | | |
Rakesh Jhunjhunwala and other high networth investors hace invested Rs280Cr in the company recently. ICICI Ventures is also an investor in the company.
Meanwhile it is expanding into the gaming and hospitality space through acquisitions. It acquired 51% stake in Daman Hospitality Pvt Ltd (DHPL) for Rs.50 Cr. It also bought a majority stake in Marvel Resorts Pvt Ltd for upto Rs.54 Cr.
| |
4134
3846
945
4260
973
|
|
17649
42
1677
25526
3005
|
|
1369
459
3151
32715
140
|
|
24632
|
|
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
| 09/09/11 |
Delta Corp (Stake Sale) - Looking For Buyer |
M&A |
Looking For |
- |
| 21/09/10 |
Delta Corp - Rakesh Jhunjhunwala, Radhakrishna Damani |
Private Equity |
Rakesh Jhunjhunwala |
44.11 |
| 03/07/09 |
Delta Corp.-QIP |
IPO / Offerings |
|
17.35 |
| 01/03/08 |
Arrow Webtex - ICICI Ventures |
Private Equity |
ICICI Venture Limited |
34.00 |
| 28/02/08 |
Delta Corp - ICICI Real Estate |
Private Equity |
ICICI Real Estate Fund |
35.13 |
| Date | Type | Buyer | Target | Size ($mn) | State |
| 17/05/12 |
Private Equity |
Looking For |
Cox and Kings Limited |
140.00 |
Planned |
| 14/05/12 |
M&A |
Expolanka Holdings Plc |
Akquasun Holidays India Private Limited |
0.93 |
Completed |
| 03/05/12 |
M&A |
MakeMyTrip India Private Limited |
D Pauls Travel and Tours Limited |
- |
Rumor |
| 23/04/12 |
M&A |
MIH Group |
Tek Travels Private Limited |
- |
Completed |
Company |
| Name | Promoters | Office | Competitor | Website |
| Delta Corp Limited (Formerly Arrow Webtex Limited ) |
Jaydev Mukund Mody |
Clover Classic, G-4, Ground Floor, North Main Road, Koregaon Park. |
|
www.deltacorp.in |
 |
UBS Securities India Pvt Ltd (IB) |
