Delta Corp falls 10% as Rakesh Jhunjhunwala sells another 5.7 million shares.

20 Jun 2022 , 02:55 PM

In intra-day trade on Monday (20-06-2022), Delta Corp shares fell 10% to Rs 166.65 on the BSE after ace investor the big bull of India, Rakesh Jhunjhunwala sold an additional 5.7 million equity shares of the business via open market on Friday (17-06-2022). On June 16, 2022, the stock reached a 52-week low of Rs 162.10.

Rakesh Jhunjhunwala lowered his Delta Corp holding by 2.15 percentage points through block trades on June 17, 2022. Jhunjhunwala sold these shares for a total of Rs 96 crore at a price of Rs 167.17 per share. The buyers’ names were not immediately determined. l, which encompasses both debt and equity

Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala’s Delta Corp holdings have dropped to 1.2 percent (3.25 million shares) following the transactions, down from 3.36 percent on June 14, 2022.

Previously, between June 1 and 14, the two had sold 7.5 million Delta Corp stock shares on the open market. Jhunjhunwala’s family’s stake in Delta Corp fell to 3.36 percent after the transactions, down from 6.17 percent on May 31. At the conclusion of the March quarter, Jhunjhunwala and his wife owned 7.48 percent of Delta Corp.

The gaming arm of Delta Corp, DGL, has filed the draft red herring prospectus for its IPO. Its initial public offering (IPO) would include a fresh issue of equity shares with a face value of Rs 1 each worth up to Rs 300 crore and an offer for sale (OFS) worth up to Rs 250 crore.

The IPO will be subject to market circumstances, relevant clearances, and other factors, according to the firm. Deltatech Gaming will remain a part of Delta Corp when the offer is completed, according to the company.