Bollywood film producer Manmohan Shetty's entertainment theme park, Imagicaaworld Entertainment, could be auctioned off by backers later this month.
The privately owned Malpani Group, with interests in real estate and theme parks, has made an updated offer of Rs 575 crore to acquire the debt-laden asset. Malpani Group's sweetened offer includes Rs 500 crore in advance payments and a 15% share to the lenders upon conversion of Rs 75 crore of debt to equity.
Formerly called Adlabs Entertainment, Imagicaaworld has a total debt of Rs 1,417 crore as of March 31, 2021. The bid of Rs 575 crore would represent a 40% recovery for lenders.
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