Bengaluru, Mar 30: Coffee Day Enterprises Ltd (CDEL) has received the first tranche of Rs 2,000 crore following disinvestment of Global Village Techparks to repay debts following the death of its founder V G Siddhartha.
In August last year, CDEL executed definitive agreements with entities belonging to Blackstone Group and Salarpuria Sattva Group for investment in GV Techparks, a wholly-owned subsidiary of group company Tanglin Development Ltd (TDL), at an enterprise value of Rs 2,700 crore.
The balance amount is expected to be received after the receipt of few statutory approvals, CDEL said in a statement.
"Out of the money received in first tranche, the company has paid off its debts in full including principal and interest amounting to Rs 1,644 crore to the lenders despite difficult economic conditions," it said.
Post this payment, the consolidated debt of the company and its subsidiaries stands at Rs 3,200 crore as on March 27. This includes debt of Rs 1,400 crore of its subsidiary Sical Logistics Ltd where disinvestment process is in progress.
"The company and subsidiaries have repaid around Rs 4,000 crore to the lenders since the beginning of this financial year," CDEL said.
"With the continuous support of stakeholders of the company, the current management is working to ensure better liquidity and operational efficiency. The company is confident of the future ahead despite various challenges," it added.
The company has been in rough waters after its founder V G Siddhartha took his own life as debt strains began to emerge in his company. Since his death in July last year, CDEL has been trying to divest its assets to pare debts.
On July 30, 2019, CDEL informed stock exchanges about Siddhartha's disappearance. In a letter that was purportedly written by him, the Cafe Coffee Day founder said: "I could not take any more pressure from one of the private equity partners forcing me to buy back shares."
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Coffee Day gets first tranche of Rs 2,000-cr after disinvestment in GV Techparks
News Network
March 30, 2020
Covid-19: Week-long ban by Karnataka govt yet to be implemented vigorously
News Network
March 15,2020
Bengaluru, Mar 15: The week-long ban imposed by the Karnataka Government from Saturday is yet to get a total response in the State to fight against the spread of killer disease Coronavirus (COVID-19).
The ban has witnessed a considerable reduction in the travelling public by Bus and train. Bus terminal and Railway stations wore desert look or only a very few public travelling. KSRTC, which was maintaining service for every 10 minutes once between the State Capital and to City of Palaces, was forced to cancel most of the service due to very little patronage.
"We were left with no option but to cancel the fleet since there are no passengers," sources at the KSRTC Bus terminal told media persons.
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Tricolour unfurled at 10,000 mosques across Kerala on R-Day
News Network
January 26,2020
Kozhikode, Jan 26: The Indian national flag was unfurled at around 10,000 mosques and religious institutions across Kerala on the auspicious occasion of 71st Republic Day on Sunday.
"The national flag was unfurled at around 10,000 mosques across the state on this auspicious occasion as per the instruction of the Waqf Board," Secretary of the Kuttiady Juma Masjid Committee, K Basheer, told media here.
He said that the national flag was also unfurled at the Kuttiady Juma Masjid here as per the instructions.
"Constitution is under threat by the Citizenship Amendment Act, we also read the preamble of the Constitution in solidarity," Basheer said.
Meanwhile, a majestic event was held in the national capital on the occasion of Republic Day.
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Welcome news. But i dont think any of sanghi shakhas have hoisted our national flag on this occasion. I didnt see a single picture in any media or newspaper.
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Migrant workers stranded in across Karnataka being sent to their home towns
News Network
May 4,2020
Kalaburagi, May 4: Migrant workers stranded in different parts of Karnataka arrived in buses at Central Bus Stand in Kalaburagi on Monday morning and are being sent to their home towns.
The Kalaburagi City Corporation has made the requisite arrangements for labourers and their thermal screening is also being done.
"Food packets and water bottles are being provided to all. Buses carrying migrant workers started arriving from 5 am. We are expecting around 70 buses. This process will continue for the next 3 days," Rahul Pandve, Kalaburagi Commissioner City Corporation, told news agency.
"We have made arrangements for registration. And all arriving at the site are undergoing thermal screening," he said.
Karnataka Chief Minister BS Yediyurappa had on Sunday allowed labourers to travel to their hometowns in the state on KSRTC buses free of charge for three days starting on Sunday.
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