Delta Corp soars over 8%; here's what's driving the spike in casino operator's shares

Delta Corp share price NSE, Delta Corp gst notice news: Delta Corp shares surged on Friday after Zee Business reported, citing sources, that the Kolkata High Court had stayed a show cause notice issued to the casino and online gaming company in connection with GST demand of Rs 6,000 crore in a major relief to the firm. The Delta Corp stock jumped as much as 8.8 per cent to Rs 154.2 apiece on NSE. Delta Corp shares ended at Rs 144.75, up 2.19 per cent on NSE.

In a separate development, Delta Corp announced investors of Rs 99 crore in real estate company Peninsula Land, signalling the casino operator's foray into the realty space. 

In a regulatory filing, Delta Corp said that its board had approved the preferential issuance of 1.5 crore equity shares at Rs 44 apiece to casino company for an aggregate cash consideration of Rs 66 crore, and issuance of 77.27 lakh unsecured compulsorily convertible debentures (CCDs) worth nearly Rs 34 crore.

Peninsula Land and Delta Corp also plan to collaborate for developing commercial and residential projects in Mumbai and Goa by setting up a joint venture wherein Delta will be the majority partner and the company will be the development manager on an arm's length basis. The two firms propose to "invest approximately Rs 250 crore in aggregate in this joint venture", according to the filing. Delta Corp owns and operates casinos and hotels in Goa, Sikkim, Daman and Kathmandu (Nepal), 

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