New Delhi, Feb. 13 -- The board of Imagicaaworld Entertainment Ltd, an amusement and water park operator owned by Maharashtra-based Malpani Group, has approved a proposal to raise Rs.345 crore through a preferential issue of a mix of equity and warrants at Rs.73.50 apiece.

The company will use the proceeds to acquire a new water park in Indore, an operational solar power plant, and for upkeep of Wet'n Joy parks, Imagicaaworld said in a statement.

At 3:20 pm IST, shares of Imagicaaworld Entertainment traded 3% lower at Rs.71.78 apiece on the BSE.

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The Malpani group acquired Imagicaaworld in June 2022 after lenders decided to auction off the debt-laden company owned by Bol...