Delta Corp to sell Caravella Entertainment stake
Delta Corp will sell its entire stake to Kolkata-based gaming company Ability Games.
India.- Delta Corp has announced its intention to divest its stake in Caravella Entertainment Private Limited, a wholly-owned subsidiary which holds an 89.28 per cent stake in Deltin Nepal Private Limited. The company has agreed to sell its entire stake to Kolkata-based gaming company Ability Games and Ashtek Consultancy Private Limited for an enterprise value of Rs. 80 crores.
The transaction includes the assumption of Caravella’s debt of Rs. 18 crores and an equity consideration of Rs. 62 crores. Delta Corp expects the deal to be finalised by March 8, 2024. Deltin Nepal Private Limited will retain the right to use the “Deltin Casino International” and related trademarks for two years.
Last December, the company announced it was going to return to the real estate sector with an investment of nearly Rs 100 crore in Mumbai-based Peninsula Land.
Delta Corp also informed the stock exchanges about its decision to repurpose a residential project located in Miramar, Panaji, Goa, into a resort hotel. This project is being implemented through Marvel Resorts Private Limited (MRPL), which is a wholly-owned subsidiary of Delta.
