Malpani Group has acquired majority stake in Imagicaaworld Entertainment for Rs 575 crore ($73 million), as part of the debt resolution plan.
The lenders to the Company have completed a debt resolution for Rs 575 crore, which includes assignment of their debt to Aditya Birla ARC (asset reconstruction company) for Rs 500 crore and lenders were also issued equity shares by way of conversion of debt aggregating to Rs 75 crore by the Company.
Malpani group has acquired 66.25% stake in Imagicaa by way of preferential allotment of equity shares worth Rs 415 crore.
DSK Legal represented Imagicaaworld Entertaiment in the deal. The transaction team was led by Ajay Shaw (Partner), Ashish Pahariya (Partner), Soham Mookherjee (Principal Associate) and Anisha Kumar (Principal Associate).
Link Legal advised and assisted Malpani Parks Private Limited for the transaction. The Transaction team at was led by Milind Jha (Partner) along with Aditya Bhardwaj (Associate Partner).
Cyril Amarchand Mangaldas advised and assisted the lenders of the Company for the transaction.
The funds infused in the Company by Malpani Group have been used for repayment of debt to Aditya Birla ARC, which operates in India in partnership with private equity player Varde Capital, reported VCCircle.
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