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
'Jyotiraditya Scindia trapped by BJP to repeat Karnataka type scenario in MP'
News Network
March 11,2020
New Delhi, Mar 11: In the wake of the ongoing political crisis in Madhya Pradesh, Puducherry Chief Minister V Narayanasamy on Wednesday said that Bharatiya Janata Party is using Jyotiraditya Scindia to usurp power in the state and that the former Congress leader has "fallen into the trap."
"#BJP is enacting the strategy the way they did in #Karnataka. It is murder of democracy #JyotiradityaScindia has fallen into the trap. He will realise the himalayan blunder very shortly. BJP after using #Scindia will through (throw) him out. I am confident Shri Kamalnath prove majority," he tweeted.
The Chief Minister's comments came at a time of political turmoil in Madhya Pradesh after Scindia and 22 MLAs resigned from the party on Tuesday.
Scindia is likely to join the BJP today.
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BJP fields Eranna Kadadi, Ashok Gasti from Karnataka for Rajya Sabha polls
News Network
June 8,2020
Bengaluru, Jun 8: The Bharatiya Janata Party (BJP) on Monday fielded Eranna Kadadi and Ashok Gasti as it's candidates for the June 19 Rajya Sabha elections from Karnataka, ignoring the recommendations of the state BJP unit.
The state unit had recommended the names of Prabhakar Kore, Ramesh Katti and Prakash Shetty.
The names of the two candidates were announced in a party statement in Delhi.
The election is scheduled on June 19 to fill four Rajya Sabha seats from Karnataka, represented by Rajeev Gowda and BK Hariprasad of Congress, Prabhakar Kore of BJP and D Kupendra Reddy of JD(S) that will fall vacant on June 25, with their retirement.
June 9 is the last date for filing nominations. Party sources said both Kadadi and Gasti come from an RSS background.
Kadadi hails from Belagavi, while Gasti is a resident of Raichur.
The 54-year-old Eranna Kadadi started his active political career in 1989 and unsuccessfully contested the assembly election from Arambhavi constituency in 1994 on a BJP ticket.
He had also served as the Belagavi district Panchayat president in 2010.
Ashok Gasti is a lawyer by profession and former general secretary of the BJP's OBC Cell.
He is the former chairperson of the Backward Class Development Corporation.
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Karnataka | Shepherd tests Covid-19 positive; 43 sheep to be tested
News Network
June 30,2020
Tumakuru, Jun 30: As many as 43 sheep were quarantined after a shepherd tested positive for novel coronavirus at Godekere Gollarahatti in Tumakuru district.
J C Madhuswamy, district in-charge minister, has instructed the district administration and the Animal Husbandry department to subject the sheep to Covid-19 tests.
The move followed after five sheep found dead in mysterious circumstances at the village. All 43 sheep of the infected person have been isolated from the herd and kept at a place in Jakkanahalli.
"There is no evidence that the sheep can contract Covid-19 and transmit the virus to the people. But since the virus has many strains and keep changing its genetic make-up, draw throat swab samples of the sheep and send the same to Covid-19 lab. Till the report comes, keep the livestock in isolation," Madhuswamy told the officials.
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