Imagicaaworld Entertainment said that it has entered into business transfer agreement (BTA) with Rajgreen Amusement Park (RAPPL) to acquire their water park business in Surat, Gujarat on a slump sale basis.
In order to manage the business in the interim to the closure of the BTA, the company will also execute a sub-lease deed with RAPPL for sub-leasing the underlying water park land in favour of the company.
The company has also entered into an arrangement for operation and maintenance (O&M) of the said facility.
Separately, a shared infrastructure agreement for utilization of shared/common facilities between RAPPL and the company was also executed.
Imagicaaworld Entertainment is engaged in the business of development and operations of theme-based entertainment destinations in India, including theme parks, water parks and associated activities including retail merchandising and food and beverages.
The company consolidated net profit of Rs 6.99 crore in Q3 FY23 as compared with net loss of Rs 59.37 crore in Q3 FY22. Net sales surged 123.4% year on year to Rs 72.01 crore in Q3 FY23.
The scrip declined 1.33% to Rs 40.70 on the BSE.
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