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 scare: Over 1,000 people under observation in Karnataka
News Network
March 11,2020
Bengaluru, Mar 11: With the outbreak of coronavirus, Chief Minister BS Yediyurappa on Tuesday said that over 1,000 people in the state have been identified for observation.
"So far, 1048 people have been identified for observation. Out of which 446 samples have been sent for testing. 389 samples have tested negative. Four samples have tested positive," Chief Minister Yediyurappa told reporters.
Earlier today, Health Minister B Sriramulu said that family members of those who tested positive for COVID-19 have been isolated and their health is being monitored.
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13 new covid cases take Udupi’s tally to 902; DK’s tally reaches 203 including 17 new
coastaldigest.com news network
June 7,2020
Mangaluru/Udupi, Jun 7: Coastal districts of Dakshina Kannada and Udupi have recorded 17 and 13 new coronavirus positive cases between 5 p.m. on June 6 and 5 p.m. on June 7.
16 among 17 new covid patients in Dakshina Kannada are returnees from Maharashtra, while one returned from Goa recently.
Maharashtra returnees comprise 14 males, including three teenagers t, and two females aged 32 and 41. The Goa returnee is a 32-year-old male.
All of them have all been admitted to the designated COVID hospital in the district.
With this, the total tally of coronavirus cases in Dakshina Kannada has risen to 203, out of which 47 are currently active. As many as 150 patients have recovered and been discharged, and seven have died.
Among the 13 in Udupi, 12 are Maharashtra returnees, while process of contact tracing of one patient, a 30-year-old woman, is going on.
The patients comprise eight males, including a 7-year-old boy, and five females. They have all been admitted to the designated hospital.
This takes the total number of coronavirus cases in Udupi district to 902, out of which 798 are currently active, 103 discharged, and one patient has died.
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Corona warriors suspended in Karnataka for rising voice against shortcomings
News Network
May 13,2020
Shivamogga, May 12: As many as six medical staff members, attached to the Shivamogga district hospital, who were members of the Corona Warriors team, were suspended for raising concerns over inadequate facilities, available to the frontline workers.
According to official sources, among the six, who were suspended by the Hospital Director, included three staff nurses and other supporting staff in the hospital.
The cause for the retaliation with punishment, was following concerns raised by the medical staff over aweful facilities, made available to them by the Hospital authorities.
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