Shares of Wonderla Holidays Ltd (WHL) rallied nearly 10% to hit a record high in Wednesday’s intraday trade after the company received clearance from the Tamil Nadu state government for its project in Chennai. 

Wonderla is set to commence the construction of an amusement park spanning a vast 62 acres along the Old Mahabalipuram Road, located 45 kilometres away from Chennai. The project will be situated in Illalur village, within the Thiruporur taluk of Chengalpet district, 2 kilometres from the OMR highway. 

In an exchange filing, WHL announced that it had received all the requisite approvals, clearances, and no-objection certificates (NOCs) from the Government of Tamil Nadu for its much-anticipated Chennai Project. Wonderla is set to commence construction on this project. 

The project involves a substantial investment of approximately Rs 400 crores. This upcoming amusement, part of the company’s expansion plans, will offer a remarkable recreational experience to visitors, the company stated in the filing.

Simultaneously, the construction work of the new park in Kumbarbasta Village, Khorda District, Bhubaneswar, Odisha, spread across more than 50 acres, is progressing rapidly. Wonderla is also exploring opportunities to establish amusement parks in Madhya Pradesh, Punjab, and Goa. 

WHL shares were trading at Rs 869.15 at 3 pm, up 7.60% from the previous closing price on the National Stock Exchange (NSE). The stock hit a fresh all-time high of Rs 887 during the day.