Adlabs Entertainment Ltd. (Adlabs) has signed an MOU with Riverbay group, to develop and operate a new entertainment park in Amaravathi, Andhra Pradesh. The said park is strategically located in Andhra Pradhesh government's new planned capital, Amaravathi.
Adlabs will provide its expertise and IP to develop the new park, while the capital will be contributed by Riverbay. Adlabs would also operate and maintain the park for which it will receive a revenue share.
The new park would be the first park in the planned capital of Andhra Pradesh and will expand Imagica?s brand presence in southern India.
According to Mr. Dhimant Bakshi, Jt. CEO, Adlabs Entertainment Ltd, "This new format ensures a higher revenue generation for Adlabs without the need for incurring any capex, further helping the company in its plans to grow and expand its brand presence across the country". He added, "With this association we continue our endeavour is to sweat our unique IPs and ensure that brand Imagica reaches every household."
Shares of Adlabs Entertainment Ltd was last trading in BSE at Rs.27.75 as compared to the previous close of Rs. 29.6. The total number of shares traded during the day was 28678 in over 164 trades.
The stock hit an intraday high of Rs. 30 and intraday low of 27.55. The net turnover during the day was Rs. 823411.