Imagicaaworld Entertainment approves raising up to ₹600 crore via QIP, other methods.
Imagicaaworld Entertainment Ltd. announces approval to raise ₹600 crore through QIP or other methods, while unveiling six new rides at Imagicaa Water Park in Khopoli.
On Tuesday, May 28, the board of Imagicaaworld Entertainment Ltd. announced its approval to raise ₹600 crore through qualified institutions placement (QIP) or other permissible means, according to an exchange filing. However, Imagicaaworld Entertainment has not disclosed the timeline for the QIP or alternative methods it plans to employ for the fundraising, nor has it specified the deadline for completing this process.
QIP, a method of fundraising, involves issuing shares to eligible institutional bidders and necessitates approval from the company's shareholders.
Earlier this month, the company introduced six new rides at Imagicaa Water Park in Khopoli, aimed at enriching the customer experience. The total expenditure incurred for these new attractions amounted to approximately ₹12 crore.
During today's late afternoon trading, shares of Imagicaaworld Entertainment were being exchanged at ₹81.50, reflecting a 3.55% decrease.
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