Delta Corp likely to sell stake in Advani Hotels; stock rallies

MUMBAI: Shares of casino company Delta Corp surged in trade after ET Now reported the company is in process of selling its investment in Advani Hotels.

The company is planning to sell investments worth Rs 100-150 crore in Advani Hotels in next 4-6 weeks, Avanne Dubash of ET Now reported quoting sources.

Yes Bank is mandated as the banker by both the parties.

Delta Corp owns 35.6 per cent stake in Advani Hotels.

Managements of Delta Corp and Advani Hotels did not reply to e-mail queries.

At 12:45 p.m.; Delta Corp was at Rs 99.85, up 5.33 per cent, on the BSE. It rallied 6.54 per cent to touch intraday high of Rs 101 in trade today.