Imagicaaworld Entertainment Ltd completes Debt Resolution successfully and inducts New Promoters on the Board of Directors

Imagicaaworld Entertainment Limited, Board of Directors in their meeting held today has approved allotment of Equity Shares and 0.01% Redeemable Non-Convertible Preference Shares on preferential-basis as part of the resolution plan agreed by the lenders dated 11th May 2022 under the RBI Prudential Framework. This successfully completes the Debt Resolution process of the company outside of NCLT and is outcome of the continuous efforts made by the company for over the past 4 years since the company turned NPA. Accordingly, the directors from the new promoter group have been inducted on the Board of Directors and would be ratified in ensuing shareholders meeting.

The Management believes that the resolution plan is a very positive step towards the financial revival by addressing the unsustainable debt and will lead to a turnaround of the company. The current financial year has witnessed an excellent response from patrons which has reinforced the strong brand saliency of Imagicaa.

The Resolution Plan broadly entails the following:

- Allotment of 27,14,19,228 Equity Shares at Rs. 15.29/- aggregating to Rs. 4,14,99,99,996/- by way of preferential allotment to Malpani Parks Private Limited (MPPL)

- Allotment of 0.01% 480,00,000 Non- Convertible Redeemable Preference Shares of face value of Rs. 100/- each aggregating to Rs. 480,00,00,000/- (Rupees Four Hundred and Eighty Crores) to Aditya Birla ARC Limited as per the terms of the Resolution Plan for a term of 20 years

- Allotment of 4,90,51,667 Equity Shares to the lenders at an issue price Rs. 15.29/- per equity share for consideration other than cash being part conversion of outstanding amount of debt of the Company aggregating to Rs. 74,99,99,988/- by way of preferential allotment

Consequent to the above allotment of Equity Shares and 0.01% 20 year Redeemable NonConvertible Preference Share, the debt of the company would be reduced by Rs 970 crs and the Malpani Group will own a controlling stake in the company.

Shares of Imagicaaworld Entertainment Limited was last trading in BSE at Rs. 14.00 as compared to the previous close of Rs. 13.60. The total number of shares traded during the day was 84192 in over 297 trades.

The stock hit an intraday high of Rs. 14.40 and intraday low of 13.01. The net turnover during the day was Rs. 1165283.00.

Source : Election Commission of India

Keywords

ImagicaaworldEntertainment INE172N01012 DebtResolution PromoterChange