Update on Wonderla Bangalore Park operations

Wonderla is India's largest amusement park. Since its beginning as Veegaland in Kochi in the year 2000, Wonderla has been a responsible corporate citizen and has always adhered to the laws, in letter & in spirit.

The license for conducting public amusement for Bangalore was due for renewal in Sep 2020. As per our standard procedures, the application for renewal was submitted in June 2020, a full 3 months before the expiry was due. Since then we have been following up with the authorities to issue necessary renewals.

As per current laws, "If the licensing authority does not dispose of the application within the time specified (one month), the license shall be deemed to have been granted to the applicant". Adhering to this law and considering that competent authorities did not raise any objections to the license renewal application, Wonderla reopened its park in Bangalore on Nov 13, 2020 for the general public.

To show our respect for the frontline workers who took care of us during the COVID-19 outbreak and the subsequent lockdown, we opened the park exclusively for these warriors & their families. The COVID-19 warriors were offered the complete Wonderla experience, free of cost from Nov 9 to 12, 2020. 12,000 warriors & their family members were invited to the park. These included Doctors, Nurses, Healthcare Workers, Police, Media and other government staff.

However, it has been pointed to us by the local authorities that Wonderla can't operate the park till the license is formally approved. We continue to positively engage with the local authorities to find an amicable solution and create a unique experience for our guests. In the interim, our Bangalore park will remain closed to avoid any inconvenience for our guests.

Shares of Wonderla Holidays Ltd was last trading in BSE at Rs.213.05 as compared to the previous close of Rs. 215.55. The total number of shares traded during the day was 41529 in over 1600 trades.

The stock hit an intraday high of Rs. 223 and intraday low of 211.2. The net turnover during the day was Rs. 9012716.

Source : Equity Bulls

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