Company had outlined Rs 1,650 cr investment for theme park, water park and hotel
Adlabs Imagica, the flagship venture of Adlabs Entertainment (AEL), which has filed for IPO, is planning to open water park and hotel this year, according to a senior company executive.
"We are adding a water park, Aquamagica, and a 287-room four star hotel, which are in advanced stages of construction. We are hoping to open Aquamagica in August and the hotel is expected to be operational by the end of this year," Adlabs Entertainment Whole-time Director and CEO Kapil Bagla, told PTI here.
Aquamagica and the hotel will be adjacent to the theme park, located on the Mumbai-Pune expressway, which has 25 themed rides and 5 themed restaurants.
Imagica witnessed 1 million visitors last week in its first year, from all over all the country.
The company had outlined Rs 1,650 crore investment for the theme park, the water park and the hotel.
"We had outlined Rs Rs 1,650 crore for our project, including the theme park, the water park and the hotel. Of this, about 80-85 per cent has already been spent on developing the project. This fund was raised by debt through a consortium of 13 banks led by Union Bank," Bagla said.
In May, Adlabs Entertainment had also filed initial papers with market regulator SEBI for its public issue of 2.3 crore equity shares of face value of Rs 10 each.
The Initial Public Offering (IPO) would comprise a fresh public issue of up to 2.2 crore shares and an offer for sale of up to 20 lakh shares by the promoter Thrill Park.
The company has appointed Deutsche Equities India, Centrum Capital and Kotak Mahindra Capital Company as book running lead managers for the issue.
The company intends to deploy the funds raised from the fresh issue for payment of loans and general corporate purposes.
The current debt of the company stood at Rs 1,100 crore.
Bagla said the company is also looking to develop similar project at other places like Hyderabad but nothing has been finalised as of yet.
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