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
Udupi: Boy held for throwing fake currency notes
News Network
April 17,2020
Udupi, Apr 17: The city police on Friday caught a boy who created chaos near Aadi Udupi by throwing fake currency notes on road and fled afterwards.
This boy had thrown fake currency notes on the streets of Vadiraja Nagara near Krishna Mutt.
Few localities had collected the notes and reported this to police.
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Karnataka crosses 1.5 Lakh mark in COVID-19 cases 30,000
News Network
August 6,2020
Chennai, Aug 5: Karnataka on Wednesday crossed the 1.5 lakh mark in respect of COVID-19 cases and Kerala was on the verge of 30,000 while Andhra Pradesh witnessed a five- digit daily caseload after a lull.
Tamil Nadu saw a small jump in its daily cases as compared to Tuesday while Telangana and union territory Puducherry reported their respective record single-day spikes.
The five states and the union territory reported a combined 24,415 fresh confirmed coronavirus cases and 316 fatalities on Wednesday.
A Puducherry Minister tested positive for the deadly virus while an opposition AINRC legislator who contracted the coronavirus earlier was discharged after being cured of it.
In Karnataka, the coronavirus cases stood at 1,51,449 with the addition of 5,619 fresh cases while 100 deaths were reported, pushing the total fatalities to 2,804, the health department said.
According to a health bulletin, 74,679 persons have been discharged so far, leaving 73,958 active cases. Andhra Pradesh''s COVID-19 surge continued on Wednesday too, with 10,128 cases reported afresh after easing a little in the last four days.
The overall tally rose to 1,86,461 on Wednesday. The state had last reported its five-figure daily tally on July 31 when it was 10,376.
The state also saw a record number of 77 coronavirus deaths in a day, pushing the toll to 1,681, the latest bulletin said.
In the last 24 hours, 8,729 patients had also recovered from the infection and there were 80,426 active cases.
As many as 1,04,354 patients have been cured and discharged so far. Kerala was on the verge of 30,000 cases, as its tally stood at 29,145 with the addition of 1,195 new COVID-19 cases on Wednesday.
The toll from the virus so far climbed to 94 with seven more deaths. Thiruvananthapuram continued to top the districts in infections with 274 cases on Wednesday, of whom 248 had been infected through contact.
Malappuram (167), Kasaragod (128), Ernakulam (120) and Alappuzha (108) reported over 100 cases. As many as 112 patients died of COVID-19 in Tamil Nadu, the highest reported in a single day so far, taking the toll to 4,461 on Wednesday while 5,175 more people tested positive, propelling the case count to 2.73 lakh.
Recoveries outnumbered fresh cases with 6,031 people getting discharged from various hospitals, taking the total cured to 2,14,815 as the active cases dropped to 54,184, a government bulletin said.
In Telangana, 2,012 new cases emerged while 13 related fatalities were reported, taking the total infection tally in the state to 70,958. Out of the new cases, 532 were from the Greater Hyderabad Municipal Corporation (GHMC), followed by Medchal-Malkajgiri 198 and Rangareddy 188, a state government bulletin said on Wednesday, providing data as of 8 PM on August 4.
The total number of people who recovered from the infectious disease touched 50,814, while 19,568 were under treatment.
The COVID-19 fatality rate in the state was 0.81 per cent, while it was 2.10 per cent at the national level, it said. The recovery rate was 71.6 per cent in the state, while it was 66.31 per cent in the country, it added.
Puducherry clocked its worst single-day spike of 286 infections, recording seven deaths, even as the overall tally of cases went up to 4,432.
The deaths during the 24 hours in the Union Territory took the toll to 65 so far since the outbreak of the virus, Health Minister Malladi Krishna Rao told a virtual press conference.
His cabinet colleague M Kandasamy and his son reported positive for the virus and were admitted to JIPMER.
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Karnataka postpones exams for classes 7 to 9 over coronavirus
News Network
March 15,2020
Bengaluru, Mar 15: Amid growing coronavirus cases, the Karnataka government on Sunday postponed examinations of class 7, 8 and 9 till March 31, 2020.
The revised dates for examinations will be announced after reviewing the situation. The directive was issued by state education minister S Suresh Kumar on Sunday morning.
On Friday, the government had shut all educational institutions, malls, and clubs for a week.
Chief Minister BS Yediyurappa had said no one should travel unless it is an emergency.
"All malls, cinema halls, pubs, wedding ceremonies and other large gatherings in the Karnataka have been banned for another one week," Chief Minister Yediyurappa had said.
Notably, the number of coronavirus cases in the country has risen to 93, informed the Union Ministry of Health and Family Welfare today.
So far, two deaths due to the COVID-19 have been reported in the country. In the wake of spurt in cases of coronavirus across the country, the Central Government on Saturday decided to treat the deadly virus as a "notified disaster".
Coronavirus, which originated in China's Wuhan city in December last year, has so far spread to more than 100 countries, infecting over 1,30,000 people. The World Health Organisation (WHO) has declared coronavirus a pandemic.
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