Delta Corp Strengthens Real Estate Portfolio with New Acquisition

On June 24, 2024, Delta Corp Limited announced via a stock exchange filing that it had acquired 11.76% of the equity share capital in Harborpeak Real Estate Private Limited (HREPL) as part of its strategic partnership in the real estate sector. This acquisition aligns with Delta Corp’s previously disclosed plan, dated May 8, 2024, to form a real estate development platform in collaboration with Alpha Alternatives Fund Advisors LLP (Alpha) and Peninsula Land Limited (PLL).

This partnership aims to leverage the combined expertise and resources of the involved parties to establish a robust real estate development platform (RE Platform).

Harborpeak Real Estate Private Limited (HREPL) was incorporated on May 28, 2024, with an authorised share capital of ₹1,00,000 and a paid-up capital of ₹1,00,000. Delta Corp’s investment in HREPL is part of its broader strategic move to penetrate the real estate development sector. This initial investment does not qualify as a related party transaction under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. However, any future contributions or transactions with HREPL will be considered related party transactions.

Peninsula Land Limited (PLL), a related party of Delta Corp, holds a direct interest in HREPL as a shareholder and will serve as the development manager for the projects undertaken by HREPL. This strategic partnership and structure are designed to capitalise on PLL’s real estate development expertise, enhancing HREPL’s overall project management and execution capabilities.

Delta Corp’s acquisition of 11.76% equity in HREPL involved purchasing 1,176 equity shares at face value of ₹10 each, totaling ₹11,760. The nature of the consideration for this acquisition is entirely cash-based. The acquired stake positions Delta Corp as a significant shareholder in HREPL, marking its foray into the residential redevelopment market.

HREPL will focus on undertaking residential redevelopment projects, aiming to address the growing demand for quality residential spaces through strategic redevelopment initiatives. This move is part of Delta Corp’s long-term vision to diversify its business portfolio and invest in high-growth potential sectors like real estate.

About Delta Corp Limited

Delta Corp Limited was founded in 1990 initially as a textiles and real estate consultancy firm. It has since expanded into various sectors, including casino gaming, online gaming, hospitality, and real estate. Leveraging its early-mover advantage, the company has established a leading position within India’s organised gaming and entertainment market.

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