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
Karnataka: Covid-19 positive cases mounts to 651 including 304 recoveries and 26 deaths
News Network
May 4,2020
Bengaluru, May 4: A total of 37 new COVID-19 cases have been reported in the last 24 hours in Karnataka taking the total number to 651, State Health Department said on Monday.
"Thirty seven new coronavirus positive cases have been confirmed in Karnataka from 5 pm yesterday to 5 pm today. The total number of cases in the state stands at 651," the department said.
The total number of cases includes 27 deaths and 321 persons who have been discharged. Of the remaining 302 cases, 296 patients are in isolation in designated hospitals and six patients are in ICU.
India has registered 2,553 new COVID-19 cases in the last 24 hours and the total number of cases now stands at 44,532.
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Karnataka to pay Rs 5k for plasma from Covid survivors
News Network
July 16,2020
Bengaluru, Jul 16: Aiming to forge a citizen-government partnership in combating the Covid pandemic, the Karnataka government is seeking plasma donations from survivors for a token appreciation of Rs 5,000, a minister said on Wednesday.
"I request all those who have recovered from Covid-19 to donate plasma and save lives. As a token of our appreciation, we will give Rs 5,000 to patients who come forward and donate their plasma," said Medical Education Minister K. Sudhakar.
He said the battle against the pandemic can only be won through citizen-government partnership.
On Wednesday, Covid cases swelled by 1,975 infections in Bengaluru, ground zero for the pandemic in the southern state, raising its total number of cases to 22,944, out of which 17,051 are active.
In the past 24 hours, the state as a whole registered a record 3,176 cases, raising Karnataka's tally to 47,253, even as 87 people succumbed to the virus.
Meanwhile, Sudhakar said 8,134 booth level workforce will conduct a house to house survey along with other Covid control measures in Bengaluru.
He said many locals and block level officers will be the members of the workforce.
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Amulya shouldn't get bail; it was a conspiracy to disturb peace: CM
News Network
February 21,2020
Mysuru, Feb 21: Chief Minister B S Yediyurappa said Amulya Leona, who raised pro-Pakistan slogans, had links with Naxalites.
Yediyurappa said that Amulya's links with Naxalites have been proved in an investigation. "She must be punished and action will be taken against the people behind it," he said.
"Bail should not be given to Amulya. Her father has also said he won't protect her. Its proved now that she had contacts with Naxals. Proper punishment should be given," he added.
While speaking to reporters at Mysuru Airport, the chief minister said unless actions are taken against the organisations who provoke them to make such comments, it is not possible to control them.
Yediyurappa suspects that the incident was a conspiracy to disturb peace and harmony in the state.
Minister B C Patil said that such incidents should not repeat. "It appears that youths are misused for such anti-national activities, he said.
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