Imagicaaworld Sells Hotel Novotel for ₹248 Crores

Imagicaaworld Entertainment Limited's Board of Directors approved the sale of Hotel Novotel Imagicaa to Juniper Hotels Limited on September 16, 2026.
The transaction involves sale, transfer, assignment and/or conveyance of the hotel undertaking located at 30/31, Sangdewadi, Khopoli-Pali Road, Taluka Khalapur, District Raigad 410 203, Maharashtra.
The sale is on a slump sale basis (within the meaning of Section 2(103) of the Income-tax Act, 2025) for a lumpsum consideration of ₹248,00,00,000 (Rupees Two Hundred Forty-Eight Crores Only).
Consideration is subject to tax deduction at source and other adjustments as per definitive documents.

In FY 2025-26, the hotel division contributed Revenue of ₹57.02 crore, representing 15.9% of total Operating Revenue.
The division contributed net worth of ₹96.74 crore, representing 7.3% of the Networth on a standalone basis.

Board meeting was held on September 16, 2026 (commenced at 12:05 p.m., concluded at 12:45 p.m.).
Transaction requires shareholder approval pursuant to Section 180(1)(a) of the Companies Act, 2013 and Regulation 37A of SEBI (LODR) Regulations, 2015.
Shareholders' approval will be sought through postal ballot process.
Expected completion date: on or before March 31, 2027.

Buyer: Juniper Hotels Limited, registered under Companies Act, 1956
Juniper Hotels had consolidated turnover of ₹1,069 crore and net worth of ₹2,868 crore as of March 31, 2026
The buyer does not belong to promoter, promoter group or group companies of Imagicaaworld
Transaction is not a related party transaction

Sale proceeds are intended to:

Memorandum of Understanding (MoU) to be entered between companies
Definitive Documents to be executed thereafter, including deed of conveyance, business transfer agreement, asset purchase agreement, slump sale agreement
Definitive Documents subject to receipt of shareholders' approval and fulfilment of applicable conditions