Liquidity Events
Malpani Group acquires 66% in theme park co Imagicaaworld for Rs.415-Cr
The Malpani Group (MPG) has acquired a controlling stake in publicly-listed Imagicaaworld Entertainment Ltd. MPG has acquired 66.25% stake in the company by way of preferential allotment of equity shares worth INR 415 crore. The lenders to the company have completed a debt resolution for INR 575 crore, which includes assignment of their debt to Aditya Birla ARC for INR 500 crore. The lenders were also issued equity shares by way of conversion of debt aggregating to INR 75 crore by the company (translating to 11.97% stake). The acquisition was done through a debt resolution process outside of NCLT. Edelweiss Financial Services acted as the exclusive financial advisor to MPG on the transaction. Link Legal acted as the legal advisor to MPG, and EY conducted the financial and tax due diligence. BDO advised on tax matters. IMAP India acted as the exclusive strategic and financial advisor to Imagicaaworld while DSK Legal and Crawford Bailey acted as its legal advisors. BOB Capital Markets advised the lenders' syndicate led by Union Bank of India. Imagicaaworld Entertainment claims to be an ‘all weather entertainment destination' providing experiences to its guests through theme park, water park, and hotel located off the Mumbai-Pune Express Highway.
From the Venture Intelligence PE-VC Deal Database: Between May-14 and May-17, Adlabs Imagica had raised over USD 11 M from NYLIM Jacob Ballas Funds (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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