Imagicaaworld Ent gains after board OKs to acquire MPIPL for Rs 55 cr

Industry:    4 months ago

Imagicaaworld Entertainment rose 1.18% to Rs 79.96% after the company’s board approved to acquire 100% stake in Malpani Parks Indore (MPIPL) held by Malpani Parks Private for a total consideration of up to Rs 55 crore.

MPIPL currently does not carry any business and is in the process of constructing a water park, Indore Park Project.

The company will acquire 10,000 equity shares of MPIPL for an aggregate consideration of up to Rs 55 crore. Post the acquisition, MPIPL shall become a wholly owned subsidiary of the company.

The acquisition will enable the company to increase its footprint in its line of business. The acquisition also allows consolidation of similar business by entities of the same group which provides for synergy of operations, brand building and rapid increase in scale of business operations.

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