Imagicaaworld Entertainment Limited has announced the principal approval to sell its hotel, Novotel Imagicaa, for a total consideration of ₹2,48,00,00,000 (Rupees Two Hundred Forty-Eight Crores Only). The transaction, classified as a slump sale, is subject to shareholder approval and completion of definitive documents. The proceeds are intended to bolster the company’s long-term capital requirements and manage debt.
Imagicaaworld Entertainment Announces Hotel Sale
Imagicaaworld Entertainment Limited (the “Company”) has received in-principle approval from its Board of Directors for the sale, transfer, assignment, and conveyance of its operating hotel undertaking, Hotel Novotel Imagicaa. The proposed transaction involves selling the hotel, including its structures and associated land access, as a going concern on a slump sale basis.
Transaction Details
The buyer in this significant transaction is Juniper Hotels Limited. The agreed-upon consideration for the sale is a substantial ₹2,48,00,00,000/- (Rupees Two Hundred Forty-Eight Crores Only). This amount is subject to tax deduction at source and any other adjustments as may be detailed in the definitive documents. The agreement for this sale was approved by the Board on September 16, 2026.
Financial and Operational Impact
In the last financial year, the hotel division contributed ₹57.02 crore to the company’s revenue, representing 15.9% of the total operating revenue, and held a net worth of ₹96.74 crore, accounting for 7.3% of the standalone net worth. The sale proceeds are earmarked to support the company’s long-term capital needs, including expanding park business geographically, adding new attractions, and developing its indoor entertainment ventures, while also aiming to reduce the overall debt position.
Future Steps
The transaction is contingent upon the fulfilment of completion terms and conditions outlined in the transaction documents and requires shareholder approval, which will be sought through a postal ballot process. The estimated completion date for the proposed transaction is March 31, 2027. The company has also specified that this transaction does not fall under related party transactions and is being undertaken outside of a scheme of arrangement.
Source: BSE
