Other Private Equity/Strategic Investments
Realty firm Peninsula Land to raise Rs.100-Cr from Delta Corp
Delta Corp is to invest INR 100 crore in fellow publicly listed Ashok Piramal Group promoted real estate development company Peninsula Land. The Mumbai-headquartered developer will issue 1.50 crore equity shares on preferential basis and 77.27 lakh CCDs to Delta Corp.Post deal, Delta Corp holding in Peninsula will move up to 7.20%. Both equity shares and CCDs will be issued at INR 44 each. Each CCD will be convertible in April 2025 into one equity share. In addition, Peninsula Land and Delta Corp have proposed a joint venture with a combined investment of INR 250 Cr. Delta Corp would be the majority partner in the proposed joint venture and Peninsula Land Ltd would be the development manager (DM) for projects (residential and commercial) to be undertaken by the JV.
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