Imagicaaworld Entertainment Ltd receives LOA to set up entertainment hub at Sabarmati Riverfront

Imagicaaworld Entertainment Limited ("the Company") being a successful bidder has received a Letter of Allotment (LOA) dated March 07, 2024 from Sabarmati Riverfront Development Corporation Limited (SRFDCL) pursuant to its bid to set up an entertainment hub at the Sabarmati Riverfront at Ahmedabad over an area admeasuring approximately 11 acres ("the proposed project"). The Company plans to make an investment of approximately Rs. 130 crore in phases which will be financed through a mix of internal accruals and borrowings, as required.

The entertainment hub will have a mix of indoor and outdoor attractions apart from food & beverage offerings. The proposed project is offered for a 30-year lease, which can be extended in the future. The Company is also in discussion with international brands to collaborate for various attractions in the proposed project.

Shares of Imagicaaworld Entertainment Limited was last trading in BSE at Rs. 80.47 as compared to the previous close of Rs. 76.47. The total number of shares traded during the day was 238313 in over 2002 trades.

The stock hit an intraday high of Rs. 81.68 and intraday low of 76.48. The net turnover during the day was Rs. 18663841.00.

Source : Equity Bulls

Keywords

ImagicaaworldEntertainment INE172N01012 LOA SabarmatiRiverfront EntertainmentHub Ahmedabad