Delta Corp to also form Rs 250-cr JV

Delta Corp has signed an agreement to invest in Ashok Piramal Group's real estate development company Peninsula Land. The developer will issue shares and mandatory convertible debentures (CCDs) to Delta Corp to raise Rs 100 crore as part of this strategic partnership.

The company will issue 1.50 crore shares and 77.27 lakh CCDs on a preferential basis to Delta Corp, which is already a member of the promoter group of Peninsula Land. The developer will use this financing as growth capital.

Delta Corp's stake in the listed promoter will increase to 4.88% after share issue and up to 7.20% after CCD conversion. Both shares and CCDs will be issued at Rs 44 each. Each CCD will be convertible into one equity share on April 16, 2025.

Today, the Indian real estate sector is poised for growth and offers attractive opportunities for businesses. The industry is consolidating as regulation increases, demand grows and customers increasingly seek out established, trusted brands. Through this strategic venture with Peninsula Land, Delta is perfectly positioned to capitalize on this new phase of growth in the Indian real estate sector. said Jaydev Mody, president of Delta Corp.

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