04 December 23
Mumbai: Jaydev Modyled Delta Corp has entered into an agreement to invest in Ashok Piramal Group’s real estate development company Peninsula Land. The developer will be issuing equity shares and compulsorily convertible debentures (CCDs) to Delta to raise ₹100 crore a as part of this strategic collaboration.
The company will be issuing 15 million equity shares on preferential basis and 7.727 million CCDs to Delta that is already a member of the promoter group of Peninsula Land. The developer will be using this funding as growth capital.
Delta holding in the listed developer will move up to 4.88% post issuance of equity shares and 7.20% after the conversion of CCDs. Both equity shares and CCDs will be issued at ₹44 each. Each CCD will be convertible on April 16, 2025 into one equity share.
“Today, India’s real estate sector is poi- sed for growth and presents attractive opportunities to businesses,” said Jaydev Mody, chairman, Delta. “The industry is consolidating as regulations increase, demand grows, and customers increasingly seek established and trusted brands. Through this strategic venture with Peninsula Land, Delta is perfectly positioned to take advantage of this new phase of growth in India’s realty space.”
In addition to this, Peninsula Land and Delta have also proposed a joint venture with a combined investment of ₹250 crо- re. Delta will be the majority partner in the proposed joint venture and Peninsula Land will be the development manager for projects to be undertaken through this joint venture.