Maharashtra-based Malpani Group (MPG) is a group of amusement park businesses which has acquired shares at 66.25 per cent in Imagiccaaworld Entertainment by outside lenders of the bankruptcy process. Lenders have recovered 57 per cent of their dues.
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The preferential allotment of equity shares worth Rs 415 crore after the acquisition of the stake of MPG. Apart from this plan, all lenders get equity shares worth Rs 75 crore, which results in a collective shareholding of 11.97 per cent in MPG. Meanwhile, the funds of MOG were used to repay Aditya Birla ARC worth Rs 500 crore, as per Imagicaa’s statement.
BOB Capital Markets acted as the sole process advisor to a consortium of ten lenders led by the Union Bank of India. Cyril Amarchand Mangaldas acted as the legal advisor to lenders. As a result, the recovery from debt recast in a lender, which gets 57 per cent of their dues.
