Malpani Group (MPG) has acquired majority stake and control in Imagicaaworld Entertainment. The lenders to the company have completed a debt resolution for Rs 575 crore, which includes assignment of their debt to Aditya Birla ARC for Rs 500 crore and lenders were also issued equity shares by way of conversion of debt aggregating to Rs 75 crore by the Company. The acquisition was consummated through a debt resolution process outside of NCLT, in accordance with the RBI’s Prudential Framework for Resolution of Stressed Assets.
MPG has acquired 66.25% stake in the Company by way of preferential allotment of equity shares worth Rs 415 crore. As part of the debt resolution plan, the lenders have been allotted equity shares worth Rs 75 crore resulting in a collective shareholding of 11.97% in the Company. The funds infused in the Company by MPG have been used for repayment of debt to Aditya Birla ARC.
Imagicaaworld Entertainment is engaged in the business of development and operations of theme-based entertainment destinations in India, including theme parks, water parks and associated activities including retail merchandising and food and beverages.
