Imagicaaworld Entertainment Signs Hotel Sale MoU for ₹248 Crore
Imagicaaworld Entertainment Limited (IEL) has entered into a binding Memorandum of Understanding (MoU) with Juniper Hotels Limited for the sale of its operating hotel undertaking, Hotel Novotel Imagicaa, located in Khopoli, Maharashtra. The transaction is structured as a slump sale for a lumpsum consideration of ₹2,48,00,00,000/- (Rupees Two Hundred Forty-Eight Crores Only). This proposed transaction is subject to fulfillment of completion terms and conditions, including the execution of definitive documents and approval from shareholders via a postal ballot process, as required by Section 180(1)(a) of the Companies Act, 2013 and Regulation 37A of SEBI (LODR) Regulations, 2015. The sale is on a going concern basis.
Key Highlights
- IEL signs binding MoU with Juniper Hotels for hotel sale.
- Sale consideration is ₹248 Crore for Hotel Novotel Imagicaa.
- Transaction is a slump sale of the operating hotel undertaking.
- Shareholder approval required via postal ballot.
- Deal subject to definitive agreements and completion conditions.
Price Impact
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