|Adlabs Entertainment is planning to set up a theme park in Hyderabad, like the Adlabs Imagica in Khalapur, Maharashtra, to cash in on the tourism opportunity in Andhra Pradesh.|
"We have plans to set up a theme park at Hyderabad. The proposed theme park will be through a joint venture model with the land owner," Adlabs Entertainment director and chief executive officer Kapil Bagla said.
"The company has identified the land but not finalised anything apart from that including the capital expenditure. We are also eyeing something similar in North India in the national capital region (NCR)," Bagla added.
Adlabs Entertainment owns and operates Imagica, a theme park located at Khalapur, which is 74 kilometres from Mumbai, off the Mumbai-Pune Expressway. Imagica is a part of Adlabs Mumbai and Adlabs Mumbai also includes Aquamagica, a water park, which became fully operational on October 1, 2014, and a family hotel, Novotel Imagica Khopoli (managed by Accor Group), the first phase of which is expected to be completed by March 2015. Bagla said that the company is also eyeing real estate development at its land in Khalapur.
"We are keen to develop a township project on the 170 acres of surplus land at Khalapur which is currently held through a wholly-owned subsidiary of the company."
Meanwhile, Adlabs Entertainment is planning to raise around Rs. 467 crore through an initial public offering of 2.03 crore shares at the higher end of the price band.
The issue which opens on March 10 and closes on March 12, will comprise of a fresh issue of 1.83 crore shares and an offer for sale of 20 lakh shares by Thrill Park.
The issue constitutes 25.44 per cent of the post-issue paid up equity share capital of the company. The price band for the issue has been fixed at Rs. 221 to Rs. 230 per share. All eligible retail individual bidders will be eligible for a discount of Rs 12 per share on the issue price.
The global co-ordinators and lead managers to the issue at Deutsche Equities India, Centrum Capital and Kotak Mahindra Capital Company. The proceeds from the IPO will mainly be used for debt repayment as well as for general corporate purposes.