Lenders change Imagicaa administration beneath RBI rule, exterior NCLT course of

In a one-of-its-kind debt decision beneath Reserve Financial institution of India pointers and exterior NCLT course of, a consortium of 10 lenders led by the Union Financial institution of India have assigned their debt publicity in amusement park agency Imagicaaworld Leisure Ltd. to Aditya Birla ARC for ₹500 crore and picked up 10% stake within the firm.

“This project was undertaken beneath the RBI pointers of Prudential Framework for Decision of Careworn Property dated June 7, 2019 resulting in a ‘Change in Administration’ with lenders changing into fairness shareholders as nicely,” mentioned BOB Capital Markets Ltd., the 100% subsidiary of Financial institution of Baroda and the only real course of advisor to the lenders.

Malpani Group (MPG), a Maharashtra-based diversified enterprise group with presence in amusement park enterprise, has acquired majority and controlling stake in Imagicaa by infusing ₹415 crore for preferential allotment of shares. 

The Imagicaa account had NPA of about ₹1,000 crore and with curiosity the full publicity was estimated at ₹1,400 crore, BOBCAPS executives mentioned.

Banks have obtained shares by changing half debt and their shareholding within the firm is about 10%. They’ve additionally recovered ₹500 crore from debt project to Aditya Birla ARC, they added. “That is the first-of-its-kind transaction in listed entity house,” BOBCAPS mentioned, including that the general restoration to lenders was 57%. Imagicaa’s property included an amusement park, resort and land. The theme park positioned in between Mumbai and Pune at Khapoli was arrange by movie producer Manmohan Shetty and opened to the general public in 2013.

BOB Capital Markets acted as the only real course of advisor to a consortium of 10 lenders led by the Union Financial institution of India, whereas Cyril Amarchand Mangaldas acted because the authorized advisor to the lenders.

By- The Hindu

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