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."
Search
Coffee Day gets first tranche of Rs 2,000-cr after disinvestment in GV Techparks
News Network
March 30, 2020
Mangaluru: Wenlock hospital files complaint against fake Covd-19 video
News Network
March 24,2020
Mangaluru, Mar 24: The District Wenlock Hospital Superintendent Dr H R Rajeshwaridevi has filed a complaint with the police on Tuesday seeking action against those circulating fake videos of a man infected with COVID-19, at the hospital.
In the video, a man was seen struggling to breathe at a hospital. The message in the video says that the man was admitted at Wenlock Hospital.
Dr Rajeshwaridevi, who issued a clarification, stated that video clips which are being circulated on social media is not from Wenlock Hospital.
Moreover, Wenlock Hospital does not use blue colour beds.
Comments
Add new comment
- Coastaldigest.com reserves the right to delete or block any comments.
- Coastaldigset.com is not responsible for its readers’ comments.
- Comments that are abusive, incendiary or irrelevant are strictly prohibited.
- Please use a genuine email ID and provide your name to avoid reject.
Gulf returnee among 23 tested covid positive in Udupi in 24 hours; total mounts to 76
coastaldigest.com news network
May 24,2020
Udupi, May 24: As many as 23 people tested positive for coronavirus in Udupi in past 24 hours, according to the latest bulletin released by the health and family welfare department.
While 18 were tested positive till noon, five more tested postive by evening.
With this the total number of covid-19 cases in the district rose to 76 including a death. Three have recovered. There 72 active cases.
Among 23 fresh cases, many had reportedly come from Maharashtra. A 44-year-old woman had returned from UAE. A 26-year-old man returned from Telangana.
Comments
Add new comment
- Coastaldigest.com reserves the right to delete or block any comments.
- Coastaldigset.com is not responsible for its readers’ comments.
- Comments that are abusive, incendiary or irrelevant are strictly prohibited.
- Please use a genuine email ID and provide your name to avoid reject.
When will be SSLC exam in Karnataka? Govt to take a call on May 18
News Network
May 16,2020
Bengaluru, May 16: The Karnataka government is expected to take a call on Monday on holding the Secondary Level School Certificate (SSLC) or class 10 examination, which were postponed due to COVID-19 lockdown.
Minister for Primary and Secondary Education S Suresh Kumar said there was a possibility that the state government may come out with a timetable on Monday. "We are holding a meeting regarding the SSLC examination," he told reporters here.
He also said there would be discussions on how to conduct the exams and precautionary measures to be taken in view of COVID-19.
"We have to make arrangements for masks, sanitisers and thermal scanners. We will set up a thermal scanner for a health check-up. We have to make separate seating arrangements for those having health issues. All these issues will be discussed on Monday," Kumar said.
The SSLC exams were supposed to commence from May 27 but due to the lockdown, it was postponed for an indefinite period.
Comments
Add new comment
- Coastaldigest.com reserves the right to delete or block any comments.
- Coastaldigset.com is not responsible for its readers’ comments.
- Comments that are abusive, incendiary or irrelevant are strictly prohibited.
- Please use a genuine email ID and provide your name to avoid reject.
Comments
Add new comment