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
Brutal murder of soldier in Karnataka: Wife, car-driver lover arrested
News Network
February 24,2020
Belagavi, Feb 24: Almost a month after a soldier was reported missing following a trip to Gokak's Godchinamalaki falls, his wife and her lover - who was her car driver - were arrested in Belagavi for his murder.
Police said the accused, Prashant Patil, and two friends tried to throw Deepak Pattanadara, 32, off a cliff after slitting his throat. Deepak's wife, Anjali, had registered a missing case with police on February 4, saying her husband had gone on a trip with friends on January 28 and hadn't returned.
In a twist, Deepak's elder brother lodged a complaint at the same police station, alleging that Anjali was behind the disappearance.
Anjali and Prashant, both 26, were arrested on Saturday while Prashant's two friends are absconding. Deepak's decomposed body has been recovered.
Deepak, who was posted in Delhi and was on the verge of retirement after 14 years in the army, had suspected his wife's alleged affair, police said. He'd bought a car for Anjali in 2019, and since he was home only twice a year, he hired Prashant as the driver. Anjali and Prashant grew close but when Deepak asked Anjali about the affair, she denied it outright.
When Deepak came home during vacation, the duo planned to eliminate him, police said.
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Udupi: Senior journalist Raviraj Valalambe no more
News Network
January 8,2020
Udupi, Jan 8: Senior journalist Raviraj Valalambe passed away due to suspected cardiac arrest on Tuesday night at his residence in Kinnimulki, here. He was 50.
Raviraj was rushed to a hospital after he complained of chest pain. He breathed his last on way to medical facility.
He was the director of Prime TV, a local Kannada news channel.
He had worked as a reporter for ETV and Suvarna News channel earlier.
He is survived by wife and two daughters.
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Covid-19: Restrictions made compulsory for observing Ramdan
News Network
April 15,2020
Bengaluru, Apr 15: Amir-e-Shariat Maulana Sagir Ahmad Khan Rashadi, Maulanaon Wednesday urged people to compulsorily follow the lockdown restrictions during the month of Ramdan.
Ramazan fastings should not be missed without valid reasons. As already mentioned, five namaz of the day should be performed at home and do not go to Mosques.
Taraweeh Namaz should be performed at home along with family members, he said at a meeting of Imarat-e-Sharia leaders held at Darul Uloom Sabilurrashad (Arabic College) in the city.
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