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
6,000 chickens buried alive in Belagavi as prices drop
News Network
March 10,2020
Belagavi, Mar 10: Around 6,000 chickens were buried alive by some poultry farm owners here as the rate of flesh in the market dropped even below the cost price due to Coronavirus scare.
The poultry farm who buried the chickens on Monday evening belonged to Lolasuru village in Gokak Taluk of the district.
One of the owners, Nazir Makandar, said that there was no demand for chicken because of threat of Coronavirus.
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we are ready to destroy food but wont allow poor to eat it
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HDK to go ahead with son's wedding on April 17 with precautionary measures against COVID-19
News Network
April 14,2020
Bengaluru, Apr 14: Despite lockdown in the country to contain the spread of coronavirus, former chief minister of Karnataka and Janata Dal-Secular leader, HD Kumaraswamy has decided to go ahead with marriage of his son Nikhil.
"Marriage will be performed in closed doors among the family members, which may be around 50 people. Family members only will be present in the marriage and all the precautionary measures will be followed as per the guidelines given by the government," Kumaraswamy said.
Nikhil Kumaraswamy, who contested Lok Sabha election from Mandya, is also the national youth wing president of Janata Dal-Secular. His marriage has been fixed with niece of former Congress minister M Krishnappa on April 17.
"Date was fixed months ago and we canot miss the good star and holy muhurtham. That is why we have decided to perform marriage on the fixed date among the family members," he said.
Marriage will be performed at bride Revati's residence.
Earlier Kumaraswamy and family had plans to perform the marriage at a location near Ramnagar, which is also former chief minister's constituency.
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In India, every section has their own choice even if the country is facing a serious problem also.
they will never follow anyones order.
My country is great!!!!!
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Dubai returnee booked for violating home quarantine guidelines in DK
News Network
March 30,2020
Mangaluru, Mar 30: Police on Monday registered a case against a man, who, after return from Dubai, had failed to adhere to lockdown guidelines of house quarantine.
The case was filed by Assistant Commissioner, Puttur, Dr Yathish Ullal.
The man, who returned from Dubai on March 21, had a seal on his hand and was supposed to stay at home for 14 days, but was seen roaming around the city, hence he was taken into custody and a case registered.
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