Delta Corp. has initiated an Rs. 125 crore (US$16.7 million) stock buyback plan in an attempt to arrest the sharp decline in its share price due to the closing of its casinos in Goa and Sikkim.
The casino shutdowns were a result of a directive from the Indian government and a subsequent 21-day lockdown due to the coronavirus outbreak in the country.
Under the buyback scheme, Delta Corp will be permitted to buy-back its fully paid-up equity shares from members of the company, up to around 4.61 percent of the total equity share capital of the company at maximum buy-back price.
