Shares of Delta Corp plunged 10 percent to Rs 166.65 on the BSE in Monday’s intra-day trade after ace investor Rakesh Jhunjhunwala sold an additional 5.7 million equity shares of the company via open market on Friday. The stock had hit a 52-week low of Rs 162.10 on June 16, 2022.
On June 17, 2022, Rakesh Jhunjhunwala reduced his stake in Delta Corp by 2.15 percentage points through block deals. Jhunjhunwala sold these shares at Rs 167.17 per share aggregating Rs 96 crore. The names of the buyers were not ascertained immediately.
Post transactions, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala’s holding in Delta Corp has now declined to 1.2 percent or 3.25 million shares from 3.36 percent as of June 14, 2022.
Previously during June 1-14, the two had sold 7.5 million equity shares of Delta Corp through an open market sale. After the transactions, Jhunjhunwala’s family’s stake in Delta Corp had decreased to 3.36 percent from 6.17 percent on May 31. Jhunjhunwala and his wife together held a 7.48 percent stake in Delta Corp at the end of the March quarter.
Meanwhile, HDFC Mutual Fund said its schemes have increased shareholding in Delta Corp by 2.15 percent as of June 10, taking the aggregate holding of the schemes to 9.21 percent of the paid-up equity share capital of the company.
On Friday, the stock of Delta Corp gained 12 percent after its arm Deltatech Gaming (DGL) filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering.
DGL’s IPO will comprise a fresh issue of equity shares of the face value of Rs 1 each, for an amount aggregating up to Rs 300 crore, and an offer for sale (OFS) worth up to Rs 250 crore.
The company said the IPO will be subject to market conditions, receipt of applicable approvals, and other considerations. Upon completion of the offer, Deltatech Gaming will continue to be a subsidiary of Delta Corp, it said.
