On June 24, Maharashtra-based amusement park business leader Malpani Group said it had acquired a majority stake and control of rival Imagicaaworld Entertainment Ltd through a debt resolution process.

Malpani Group (MPG) stated: “The acquisition was completed through a debt resolution process outside the NCLT through the asset resolution prudential framework highlighted by RBI.”

Imagicaa’s lenders have completed a debt resolution of Rs 575 crore, which includes the transfer of its debt to Aditya Birla ARC for Rs 500 crore. The lender has also issued equity through equity the company’s conversion of total debt to Rs 75 crore. MPG has acquired a 66.25% stake in Imagicaa through a rights issue worth Rs 415 crore.

“As part of the debt resolution plan, the lenders have acquired stakes worth Rs 75 crore for 11.97% of the company. The money injected into the company by MPG has been used to repay Aditya Birla ARC debt,” it said. Three MPG members were elected to Imagicaa’s Board of Directors.

Imagicaaworld Entertainment owns and operates Imagicaa, one of the leading resorts with theme parks, water parks and hotels along the Mumbai-Pune highway. MPG would like to thank Imagicaaworld Entertainment’s shareholders and lenders for their trust in Malpani Group.