Adlabs Imagica To Open Water Park And Hotel

Adlabs Imagica, the flagship venture of Adlabs Entertainment (AEL), is planning to open water park and hotel, according to a media report.

The water park, Aquamagica, and the hotel will be adjacent to the theme park located on the Mumbai-Pune expressway.

Imagica saw one million visitors last week. The company had outlined Rs 1,650 crore for investment in the theme park, the water park and the hotel.

"We had outlined Rs 1,650 crore for our project, including the theme park, the water park and the hotel. Of this, about 80-85% has already been spent on developing the project. This fund was raised by debt through a consortium of 13 banks led by Union Bank," Adlabs Entertainment director and CEO Kapil Bagla said.

In May, Adlabs Entertainment had filed initial papers with market regulator SEBI for its public issue of 2.3 crore equity shares of face value of Rs 10 each.

The company intends to use the funds raised from the fresh issue for payment of loans and general corporate purposes.

The current debt of the company stands at Rs 1,100 crore.