Creditors may auction Imagicaaworld Entertainment this month
Real Estate

Creditors may auction Imagicaaworld Entertainment this month

Bollywood film producer Manmohan Shetty's entertainment theme park, Imagicaaworld Entertainment, could be auctioned by lenders later this month.

Privately owned Malpani Group, with interests in real estate and theme parks, has given an updated offer of Rs 575 crore to procure the debt-laden asset. Malpani Group's sweetened offer comprises Rs 500 crore in upfront payments and a 15% share to the lenders upon conversion of Rs 75 crore of debt into equity.

Imagicaaworld, earlier called Adlabs Entertainment, has total debt of Rs 1,417 crore as of March 31, 2021. The offer of Rs 575 crore would equate to a recovery of 40% for lenders. But if the equity offer is barred, the offer equates to a recovery of 35%.

Malpani had improved the offer to Rs 575 crore in January itself but some lenders, comprising Canara Bank, were seeking the entire Rs 575 crore in upfront payments. Last week, all lenders comprising Canara Bank gave their consent for the updated structure.

Malpani Group is in discussions with a few asset reconstruction companies to take part in the Swiss auction. An out-of-court resolution of Imagicaaworld has been in the works for the past three years. In 2019, Union Bank of India declined the promoter Shetty's Rs 575-crore one-time settlement offer on expectations of higher proposals.

In May 2021, Dream Media Works had provided an unsolicited offer of Rs 725 crore. That proposal had encouraged lenders to restart an out-of-court resolution process of the theme park-cum-entertainment firm. Yet, negotiations with Dream Media did not move ahead since it failed to make an earnest money deposit with lenders.

Union Bank of India, which is the lead bank, has the highest outstanding loan of Rs 429 crore, followed by Bank of Baroda at Rs 320 crore, the bid document released by Bob Caps displayed.

Image Source

Also read: Imagicaaworld Entertainment creditors may involve ARC to sell firm

Bollywood film producer Manmohan Shetty's entertainment theme park, Imagicaaworld Entertainment, could be auctioned by lenders later this month. Privately owned Malpani Group, with interests in real estate and theme parks, has given an updated offer of Rs 575 crore to procure the debt-laden asset. Malpani Group's sweetened offer comprises Rs 500 crore in upfront payments and a 15% share to the lenders upon conversion of Rs 75 crore of debt into equity. Imagicaaworld, earlier called Adlabs Entertainment, has total debt of Rs 1,417 crore as of March 31, 2021. The offer of Rs 575 crore would equate to a recovery of 40% for lenders. But if the equity offer is barred, the offer equates to a recovery of 35%. Malpani had improved the offer to Rs 575 crore in January itself but some lenders, comprising Canara Bank, were seeking the entire Rs 575 crore in upfront payments. Last week, all lenders comprising Canara Bank gave their consent for the updated structure. Malpani Group is in discussions with a few asset reconstruction companies to take part in the Swiss auction. An out-of-court resolution of Imagicaaworld has been in the works for the past three years. In 2019, Union Bank of India declined the promoter Shetty's Rs 575-crore one-time settlement offer on expectations of higher proposals. In May 2021, Dream Media Works had provided an unsolicited offer of Rs 725 crore. That proposal had encouraged lenders to restart an out-of-court resolution process of the theme park-cum-entertainment firm. Yet, negotiations with Dream Media did not move ahead since it failed to make an earnest money deposit with lenders. Union Bank of India, which is the lead bank, has the highest outstanding loan of Rs 429 crore, followed by Bank of Baroda at Rs 320 crore, the bid document released by Bob Caps displayed. Image Source Also read: Imagicaaworld Entertainment creditors may involve ARC to sell firm

Next Story
Infrastructure Urban

RITES Bags Rs 362 Million Order From DVC

RITES Limited, a Schedule 'A' enterprise under the Government of India, has announced that it has received a major domestic work order from the Damodar Valley Corporation (DVC). The company disclosed the development in a filing to the BSE and NSE dated 2 October 2025. The total contract value stands at Rs 362 million (excluding GST).Under the agreement, RITES will provide comprehensive services for the DVC Mejia Thermal Power Station. The scope of work includes the Annual Maintenance Contract (AMC) for Railway Sidings tracks, Operation and Maintenance (O&M) of Signalling and Telecommunicat..

Next Story
Infrastructure Urban

Greta Minerals Doubles WA Exploration Land, Targets Lithium Supply for India

Greta Minerals Pte, part of Singapore-based Greta Group, has expanded its exploration footprint in Western Australia to 1,550 sq km, up from 700 sq km acquired in 2024.Nitesh Chaudhari, Chairman of Greta Group, said, “We are very happy to expand our landholding, encouraged by initial results from Ultrafine+ soil sampling at Gecko North. The geological corridor appears promising for lithium, gold, and other critical minerals.”The Gecko North Project, 25 km northwest of Coolgardie, is one of seven critical mineral and gold projects under Greta Minerals (Australia) Pty, which now holds 37 gra..

Next Story
Infrastructure Urban

Vedanta Extends Demerger Deadline to March 2026 Amid Pending Approvals

Vedanta, led by Anil Agarwal, has extended the deadline for its corporate demerger to March 31, 2026, as approvals from the National Company Law Tribunal (NCLT) and relevant government authorities are still pending, the company said in a regulatory filing. The deadline had earlier been extended from March 31, 2025, to September 30, 2025.The board stated, “Given that the conditions precedent in the Scheme, including NCLT approval and approvals from certain government authorities, are still in process, the timeline for fulfilment of these conditions has been extended to March 31, 2026.” The ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?