Imagicaaworld Entertainment Limited
Execution of Binding Memorandum of Understanding for Sale of Hotel Novotel Imagicaa
Main Body
Imagicaaworld Entertainment Limited (IEL) has entered into a Binding Memorandum of Understanding (MoU) with Juniper Hotels Limited on October 5, 2026, for the proposed sale, transfer, assignment and/or conveyance of Hotel Novotel Imagicaa.
The transaction involves the operating hotel undertaking of the Company located at Khopoli, Maharashtra, which will be sold as a going concern on a slump sale basis within the meaning of Section 2(103) of the Income-tax Act, 2025.
The total consideration for the transaction is Rs. 2,48,00,00,000/- (Rupees Two Hundred Forty-Eight Crores Only), subject to tax deduction at source and other adjustments as per the terms and conditions mentioned in the definitive documents. The definitive documents will include a deed of conveyance, business transfer agreement, asset purchase agreement, slump sale agreement, and other ancillary documents.
The Proposed Transaction is subject to fulfilment of completion terms and conditions specified in the Transaction Documents and requires shareholder approval pursuant to Section 180(1)(a) of the Companies Act, 2013 and Regulation 37A of SEBI (LODR) Regulations, 2015. The shareholders' approval will be sought through the postal ballot process.
The Company's Board of Directors had previously approved the Binding MoU in their meeting held on September 16, 2026. The parties confirm that they are not related parties and the transaction does not fall under related party transactions, confirming it is conducted at arm's length.