Imagicaaworld Entertainment Limited marches into Version 2.0

Imagicaaworld Entertainment Limited announces execution of definitive agreements for acquisition of 4 high quality parks operated by Malpani Group owned entity (Giriraj Enterprises) namely WetNJoy & Sai Teerth Parks into its existing portfolio. This was pursuant to minority shareholders voting emphatically in favour of the transactions during the recent Extraordinary General Meeting held on March 18, 2024.

The underlying parks include: (A) "WetNJoy Water Park" and (B) "WetNJoy Amusement Park," both located at Lonavala, Maharashtra, along with (C) "Saiteerth Devotional Theme Park" and (D) "WetNJoy Water Park," situated at Shirdi, Maharashtra. Effective April 1, 2024, all revenues generated by these parks will flow directly to Imagicaaworld Entertainment Limited, translating to a significant enhancement of overall financials. This strategic integration marks a pivotal moment for the Company as it broadens its reach and offerings in the leisure and hospitality market.

With this integration, the Company's total portfolio now includes 7 operational parks and 1 Five star hotel. The overall revenues are projected to increase by 1.5x and EBITDA by 2x, indicating the immense value creation ahead. Furthermore, resultant to this expansion, footfalls are expected to double, effectuating the company's commitment to offer exceptional entertainment experiences across various catchments.

Commenting on the same, Mr. Jai Malpani, Managing Director, Imagicaaworld Entertainment Limited said, "Imagicaaworld Entertainment is on an exciting path of geographical expansion, extending our unique entertainment experiences to a broader audience. Our strategic growth enriches our diverse offerings, including theme parks, amusement parks, devotional parks, and water parks, catering to various guest preferences.

This expansion leverages the strengths of our diverse locations to create operational synergies, enhance efficiency, and deliver exceptional value. Our aim is to make Imagicaaworld Entertainment brand world-class leisure destination across India and beyond, providing seamless and memorable experiences.

We are committed to growth, innovation, and excellence. I express my sincere gratitude to our shareholders, Board of Directors, and our team for enabling this rapid expansion. We eagerly anticipate welcoming more guests to the Imagicaaworld family, creating cherished memories together."

Shares of Imagicaaworld Entertainment Limited was last trading in BSE at Rs. 77.15 as compared to the previous close of Rs. 73.37. The total number of shares traded during the day was 447517 in over 3305 trades.

The stock hit an intraday high of Rs. 78.84 and intraday low of 74.19. The net turnover during the day was Rs. 34550875.00.

Source : Equity Bulls

Keywords

ImagicaaworldEntertainment INE172N01012 Version2 Agreement Acquisition 4Parks MalpaniGroup WetNJoy SaiTeerth