Mumbai-based theme park and entertainment company Imagicaaworld Entertainment Ltd on Thursday (June 5) said it has signed a ₹275-crore loan agreement with HDFC Bank to finance the acquisition of two major amusement and water park assets — Wet’n Joy at Lonavala and Wet’n Joy & Saiteerth Devotional Theme Park at Shirdi.
The facility agreement, executed on Thursday, June 5, will support the purchase consideration under the business transfer agreement signed with Giriraj Enterprises. IDBI Trusteeship Services Ltd has been appointed as the trustee for the transaction.
The term loan includes significant lender rights. In the event of a default, HDFC Bank will have the right to appoint a nominee director on Imagicaaworld’s board. Any changes to the company's capital structure will also require prior approval from the lender.
The loan is secured by a first pari passu charge on the company’s immovable and movable assets (excluding the newly-acquired assets), along with an exclusive charge on the acquired park properties. Additional security includes a charge on the company’s cash flows and personal guarantees from directors Rajesh Omkarnath Malpani, Manish Madhav Malpani, and Jai Manish Malpani.
Shares of Imagicaaworld Entertainment Ltd ended at ₹71.69, up by ₹0.41, or 0.58%, on the BSE.
Also Read: Imagicaa shares rally nearly 15% in 2 days as co gets nod for proposal to write off Rs 571 crore debt
The facility agreement, executed on Thursday, June 5, will support the purchase consideration under the business transfer agreement signed with Giriraj Enterprises. IDBI Trusteeship Services Ltd has been appointed as the trustee for the transaction.
Also Read: Imagicaaworld Entertainment approves raising up to ₹600 crore via QIP, other methods
The term loan includes significant lender rights. In the event of a default, HDFC Bank will have the right to appoint a nominee director on Imagicaaworld’s board. Any changes to the company's capital structure will also require prior approval from the lender.
The loan is secured by a first pari passu charge on the company’s immovable and movable assets (excluding the newly-acquired assets), along with an exclusive charge on the acquired park properties. Additional security includes a charge on the company’s cash flows and personal guarantees from directors Rajesh Omkarnath Malpani, Manish Madhav Malpani, and Jai Manish Malpani.
Shares of Imagicaaworld Entertainment Ltd ended at ₹71.69, up by ₹0.41, or 0.58%, on the BSE.
Also Read: Imagicaa shares rally nearly 15% in 2 days as co gets nod for proposal to write off Rs 571 crore debt
(Edited by : Shoma Bhattacharjee)
First Published: Jun 5, 2025 6:49 PM IST
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