Ashish Kacholia offloads 0.56% stake in Delta Corp in a bulk deal

26 Sep 2023 , 09:45 AM

On Monday, Ashish Kacholia sold a stake in Delta Corp Ltd in bulk transactions. According to exchange statistics, the ace investor has sold roughly 15 lakh shares aggregating to 0.56% stake of the company for Rs 144.65 each for a total consideration of Rs 21.69 crore.

It is unknown how much Kacholia owned prior to the Delta Corp share sale. It was most likely less than 1%. The stake sale comes after the casino operator received a tax obligation notification from the government.

Delta Corp shares fell as much as 17% in the last trading session throughout the day following a notice to pay tax of Rs 11,140 crore, plus interest and penalties, from July 2017 to March 2022.

The company’s current market value of Rs 3,829 crore was lower than the amount mentioned in the tax payment notice.

Delta stated that the GST amount demanded is based on the gross wager value of all games played at the casinos during the relevant period and that if the company fails to pay, a show-cause notice will be issued.

The tax notice comes at a time when the company, which is worth more than $566 million, is already under fire for the country’s GST Council’s decision in July to levy a 28% indirect tax on money received from customers by gaming companies.

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