Ajwa Fun World Completes Rs. 568.6 Crore Land Sale in Baroda
Ajwa Fun World & Resort Limited has sold two land parcels in Baroda, India, for Rs. 568.59 crore to Godrej Projects Development Limited. The sale involves 95,252 square meters of land at Rs. 5,968.37 per square meter. This decision follows the closure of the company's amusement park and is part of its strategic asset monetization. The sale agreement was signed on July 9, 2024, with completion expected by July 31, 2025. The company states that this transaction will not impact its business operations as the land was no longer required after the park's closure.
*this image is generated using AI for illustrative purposes only.
Ajwa Fun World & Resort Limited, a company known for its amusement park operations, has successfully concluded the sale of two significant land parcels in Baroda, India. The transaction, valued at Rs. 568.59 crore, marks a strategic move for the company following the closure of its amusement park.
Transaction Details
The sale involves two land parcels located in Village Rayantalawadi, Taluka Waghodia, District Baroda:
- CTS number NA 62 (P): 25,279 square meters
- CTS number NA 63 (P): 69,973 square meters
The total area of the sold land amounts to 95,252 square meters. Ajwa Fun World has sold these parcels at a rate of Rs. 5,968.37 per square meter, resulting in a total consideration of Rs. 56,85,87,919 (approximately Rs. 568.59 crore).
Buyer and Timeline
The buyer of the land is Godrej Projects Development Limited, a company not affiliated with Ajwa Fun World's promoter or promoter group. The sale agreement was entered into on July 9, 2024, with an expected completion date of July 31, 2025.
Strategic Decision
This land sale is part of Ajwa Fun World's strategic decisions following the closure of its amusement park. The company's Board of Directors had approved the sale proposal in July 2024, setting a minimum value of Rs. 5,968.37 per square meter. The sold land was previously part of the now-closed amusement park and is no longer required for the company's operations.
Impact on Business Operations
In its regulatory filing, Ajwa Fun World stated that this sale will not impact its business operations, as the land is no longer needed after the closure of the amusement park. The company had previously intimated about the park's closure on August 9, 2024.
Regulatory Compliance
The company has complied with the necessary regulatory requirements, including intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Ajwa Fun World has confirmed that the transaction does not fall within the purview of related party transactions and is not part of any Scheme of Arrangement.
This land sale represents a significant monetization of assets for Ajwa Fun World & Resort Limited, potentially providing the company with substantial funds for future endeavors or debt reduction.
Historical Stock Returns for Ajwa Fun World & Resort
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | 0.0% | +1.28% | +54.64% | +68.92% | +711.01% |
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