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
A normal Sunday in Dakshina Kannada, Udupi after withdrawal of lockdown
coastaldigest.com news network
August 2,2020
Mangaluru/Udupi, Aug 2: The twin coastal districts of Dakshina Kannada and Udupi witnessed sporadic movement of vehicles and relatively less commercial activities today in spite of the withdrawal of ‘Sunday lockdown’ by the state government.
After the central government announced guidelines under Unlock 3.0, the Karnataka government has removed the complete lockdown concept on Sundays and done away with the night curfews too. So from today (August 2), there will be no lockdown on Sundays.
KSRTC operated its buses as usually. However, compared to other days, today the number of private and city buses on the roads in Dakshina Kannada was limited.
In Udupi, city buses remained off the roads as the number of passengers was less. However, KSRTC and NARM buses were seen transporting passengers.
In containment zones ban on movement of people will continue till August 31 in Udupi. The Santhekatte market used to function on Saturdays, as there was Sunday lockdown on earlier Sundays. Now the market will be open on Sundays only.
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Karnataka speaker bans entry of journalists in Legislators House
News Network
February 22,2020
Bengaluru, Feb 22: Karnataka legislative assembly speaker Vishweshwar Hegde Kageri has issued a notification banning entry of journalists in the Legislators House.
"Electronic media and print media cannot enter the Legislators House any time," the notification issued by the Speaker's office read.
The notification which was issued on February 18 said, "The legislators come to Legislators House from their constituencies during the assembly session. It is their private time when they stay there. When journalists come to Legislators House to meet them, it's an invasion of their privacy."
"Arrangements will be made for journalists to speak to MLAs outside the gate. No journalist or camera person will be allowed inside the gate," the notification added.
The Legislators House is located near the Vidhan Soudha, the state legislative assembly.
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Covid fails to affect kharif sowing in Karnataka
News Network
July 7,2020
Bengaluru, Jul 7: There seems no impact of Covid-19 on kharif crop sowing in Karnataka with the current year actually being ahead of previous years, according to an official here on Monday.
"In agriculture, as far as sowing is concerned, there is no impact of COVID-19," Agriculture Commissioner Brijesh Kumar Dikshit told IANS. One of the reasons, according to Dikshit, is that people in rural areas are aware, but not scared of the pandemic.
"In rural India, coronavirus is there. People are aware, not scared. They are taking precautions, but don't have any phobia," he said.
Another reason was that by June the number of infections in Karnataka was not as high as other states, when a lot of sowing was done, he said.
By the end of June, Karnataka saw 15,242 Covid-19 cases. Of that, 7,074 were active.
The sowing is ahead of previous year as it's mostly dependent on weather. "It's ahead of previous years. Agriculture is directed by weather and rains had been slightly earlier this year," he said.
According to Karnataka State Natural Disaster Monitoring Centre, at 185 mm the state received 14 mm less rain in June against the normal 199 mm. "It's like a normal year, or slightly a good year," he said.
Some crops will be sown in the last fortnight of July and few more will extend up to August 15. "The last two weeks will be critical and on July 31 we should be able to tell whether we are short or ahead," he said.
According to preliminary indications, the Commissioner said the area under agriculture is increasing this year, which could also be because that labourers might have come back.
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