Imagicaaworld Entertainment gets ready for next phase of growth

Imagicaaworld Entertainment Limited has, pursuant to the Debt Restructuring and Settlement Agreement (DRSA) between the company executed in June 2022, Malpani Parks Private Limited and Aditya Birla ARC Ltd, received confirmation for writeoff for the unsustainable debt aggregating to Rs 571.76 crores.

The write-off is a part of the debt resolution plan which the company entered with the Malpani Group and the erstwhile lenders in June 2022.

Commenting on the same - Jai Malpani, Managing Director said "As the residual leg of the resolution plan, we have now written back remaining debt of Rs 571.76 crores which will reflect in our balance sheet and show the true picture as on date. Thus with zero legacy debt and improved net worth of the company, we are geared for the next level of growth.

We will continue to focus on providing magical and immersive experience that exceeds expectations to all our guests. We aim to solidify our position as a leader in the entertainment park industry, known for pushing the boundaries of entertainment and delivering unforgettable memories to millions of visitors."

Shares of Imagicaaworld Entertainment Limited was last trading in BSE at Rs. 47.41 as compared to the previous close of Rs. 42.82. The total number of shares traded during the day was 360181 in over 2157 trades.

The stock hit an intraday high of Rs. 50.24 and intraday low of 42.50. The net turnover during the day was Rs. 16696035.00.

Source : Equity Bulls

Keywords

ImagicaaworldEntertainment INE172N01012 DebtRestructuring SettlementAgreement Writeoff UnsustainableDebt