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."
Search
Coffee Day gets first tranche of Rs 2,000-cr after disinvestment in GV Techparks
News Network
March 30, 2020
Former Karnataka Governor T N Chatruvedi passes away
News Network
January 6,2020
Bengaluru, Jan 6: Former Governor of Karnataka T N Chaturvedi passed away on Sunday late night at a private hospital in Noida.
He was 90.
T N Chaturvedi served as of Comptroller and Auditor General of India from 1984 to 1989. He was awarded the Padma Vibhushan in 1991.
An officer of Indian Administrative Service (IAS), Chaturvedi held several key posts after retirement including Governor’s post of Karnataka and Kerala. He was the governor of Karnataka from 2002 to 2007 and held additional post of Governor of Kerala following death of then Kerala governor Sikander Bakht. He held the post from Feb 2004 to June 2004 and was replaced by newly appointed Governor.
An officer of Indian Administrative Service (IAS), Chaturvedi held several key posts after retirement including Governor’s post of Karnataka and Kerala.
Expressing grief on the demise of T N Chaturvedi Vice President M Venkaiah Naidu, in a tweet said, “T N Chaturvedi was an administrator par excellence, towering intellectual and true nationalist and he was known for his erudition, integrity and knowledge. He had an illustrious career in public life and served every role with distinction.”
Even former Union Minister Anant Kumar Hegde condoled Chaturvedi's demise. "Humble tributes to our ex-Governor of Karnataka TN Chaturvedi who passed away last evening. He was an outstanding bureaucrat who was CAG in the 90's before becoming the Governor of our state. May his soul attain Sadgati. Om Shanti Shanti Shanti!" Hegde tweeted.
Comments
Add new comment
- Coastaldigest.com reserves the right to delete or block any comments.
- Coastaldigset.com is not responsible for its readers’ comments.
- Comments that are abusive, incendiary or irrelevant are strictly prohibited.
- Please use a genuine email ID and provide your name to avoid reject.
Daily movement of workers between Kasaragod and Mangaluru stopped again
coastaldigest.com news network
July 7,2020
Mangaluru, Jul 7: The government of Kerala has barred movement of daily pass holders — professionals and workers — between Kasaragod district and Karnataka’s Dakshina Kannada district following a spurt in COVID-19 cases.
Kerala Revenue Minister E. Chandrasekaran announced the decision at a meeting on Monday in Kasaragod. Both district administrations had in June issued passes to daily travellers in their districts to travel in connection with their work.
Those from Dakshina Kannada intending to work in Kasaragod have to remain in Kasaragod for 28 days if they wish to continue and those from Kasaragod would have to remain in Dakshina Kannada for 28 days if they wish to continue their work, the Minister said.
Thousands from Kasaragod travel daily to Mangaluru and surrounding areas in connection with their work. Their travel past Talapady check post on NH 66 was facilitated by daily e-passes.
Similarly, many from Dakshina Kannada, particularly doctors and healthcare workers, travel daily to Kasaragod with daily e-passes issued by the Kasaragod administration.
Comments
Add new comment
- Coastaldigest.com reserves the right to delete or block any comments.
- Coastaldigset.com is not responsible for its readers’ comments.
- Comments that are abusive, incendiary or irrelevant are strictly prohibited.
- Please use a genuine email ID and provide your name to avoid reject.
Only worry is how to quarantine large number of people: Karnataka CM
News Network
March 23,2020
Bengaluru, Mar 23: The Karnataka Government will impose stricter restrictions till March 31 to tackle the spread of COVID-19, Chief Minister B S Yediyurappa said on Monday.
''While all non-essential government establishments will also be closed from today, we are discussing on whether there should be a total shutdown similar to what was in place on Sunday during 'Janata Curfew'. We will take a call on this after discussing this with Opposition leaders by evening,'' he added.
Addressing press persons after a meeting with doctors and experts from private hospitals, the Chief Minister said free food will be served to the poor in Indira Canteens all through the day.
Comments
Add new comment
- Coastaldigest.com reserves the right to delete or block any comments.
- Coastaldigset.com is not responsible for its readers’ comments.
- Comments that are abusive, incendiary or irrelevant are strictly prohibited.
- Please use a genuine email ID and provide your name to avoid reject.
Comments
Add new comment