Delta Corp approved shares of Rs.125 Crore for plan Buy-Back

The board of directors of Delta Corp Ltd has approved a plan to buy back shares of its company. As per the company update, for the stock exchanges, at the company’s meeting held on March 28, 2020, the Board of Directors approved the proposal to purchase 1.25 crore shares of the company which represents 4.61% of the total paid-up capital.

Delta Corp also indicated that it would use at least 50% of the total amount i.e. at least Rs 62.50 crores for the buy-back. The company further announced that a buy-back committee headed by chairman Jaydev Mody Will take all necessary actions and make appropriate announcements related to the buy-back process. The company further stated that a public announcement with more details about the buy-back, including opening and closing dates, would be communicated in due time.

In the last one month, the company has seen a steep decline in its share price mainly due to the effects of Kovid-19 virus as well as the closure of all casinos ordered by the governments of Goa and Sikkim. The Government of India has announced a total lockdown  of 21 days.

While all of Delta Corp’s offshore and land-based casinos are expected to remain in place until April 15, 2020, the company said the impact of the coronovirus crisis on its revenue cannot be estimated at the moment.