Delta Corp Limited announced through a regulatory filing. March 28 that its board of directors had approved a plan to buy back shares of the company.

The buyback would allow the company to buy shares up to 12.5 million shares of the company, representing a total of 4.61% of the total capital of Delta Corp. The approval allows them to purchase shares at a price that does not exceed Rs 100 ($1.33) per share in the open market. This should not be an issue as the rate per share on the Bombay Stock Exchange (BSE) on Friday was Rs 59.50 ($0.79), well below the maximum cap set.

The company named company secretary Dilip Narendra Vaidya as the compliance officer during the buyback process. He will be responsible for “compliance with the SEBI Buy-Back Regulations and to redress the grievances of the shareholders in relation to the Buy-Back.”

With the company shutting down its casino operations in Goa and Sikkim due to the Covid-19 virus, the price of their stock has been plummeting. The stock was selling at a price of Rs 124 ($1.64) two weeks ago and had been as high as Rs 241 ($3.20) as recent as a year ago.