Debt

Debt financing

Malpani Group ties up with Aditya Birla ARC to acquire distressed loans of Imagicaaworld

Economic Times  

The Malpani Group has tied up with Varda Capital-backed Aditya Birla Asset Reconstruction Company to jointly acquire the distressed loans of Manmohan Shetty-promoted amusement park operator Imagicaaworld Entertainment Ltd, in a deal which would result in a recovery of INR 575 crore for lenders. The Malpani Group has offered to acquire Imagicaaworld under an out-of-court settlement reached between banks and the company after three years of negotiations. Under the proposed structure, Imagicaaworld will make a preferential allotment of shares worth INR 500 crore to the Malpani Group, giving it a 70% stake in the distressed theme-park operator.