Delta Corp, which had closed on Friday at Rs.59.50, opened 5% higher, hitting the UC immediately at Rs.62.45. Over 94,000 pending buy orders remained, with no sellers.
The Board of the company, on Saturday, approved buyback of its shares.
It proposes to buyback up to 1.25 crore shares, which is 4.61% of the total paid-up capital at a price not exceeding Rs.100/share, which is at a hefty premium over the existing price.
The company plans to utilise at least 50% of the total earmarked amount of Rs.125 crore for the buy-back.
Whilst all of Delta Corp’s offshore and land-based casinos are likely to remain shut at least until 15th April, 2020, the company has stated that the impact of the Coronavirus crisis on its revenues cannot be estimated at the moment.