BofA Securities, Societe Generale pares stake in Delta Corp via open market

17 Oct 2023 , 09:52 AM

On Monday, foreign investors Bank of America Securities and Societe Generale sold half holdings in casino operator Delta Corp in bulk agreements. According to trade records, BofA Securities sold around 1.12% of its interest in the firm, while Societe Generale sold 0.5%.

The transaction took place at a price of Rs 128 per piece.

The company’s stock has been under pressure over the past month, following the receipt of many GST notifications by the firm and its subsidiaries. Deltatech Gaming, the company’s gaming unit, received a GST deficiency notification for Rs 6,384 crore on Friday.

Deltatech received a Rs 6,237 crore tax payment shortfall notice for the period January 2018 to November 2022, as well as a Rs 148 crore shortfall notice between July 2017 and October 2022.

Deltatech received a Rs 6,237 crore tax payment shortfall notice for the period January 2018 to November 2022, as well as a Rs 148 crore shortfall notice between July 2017 and October 2022.

The notice, given under the GST Act of 2017, is yet another setback for the gambling industry, which is already dealing with increased charges from the federal government.

 

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