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."
Comments
If you read the History of Meelad un Nabie (Sallallaho Alaih-e-Wassalam) The biggest and the most grand Meelad was celebrated by Allah Ta'ala so from where it became bidat to rejoice on the birth day of Our Beloved Prophrt Sallallaho Alaih-e-Wasalam)? Be happy dont cry bidah like the shaitaan.
Kind words/Kind behavior is for non Muslims/Momins not for the Munafiqs who oppose Mouludunnabi and ask for the proof to celebrate the Moulood, for those Munafiqs Allah Subhan wa Ta'ala has used some words in Quran Surah Al Qalam Verse 13
When Allah Almighty has used those words we are following the Quran there is no harm in using those words for a Munafiq.
Mr. Sayed Kaleem, please use kind words on one another....this is what it is lacking in Muslims....they think superior to one another....if you can try to convince others with your comments with nice words.....try to be a good person first....
Surah Al Ma'idah Verse 114
Surah Al Duha Verse 11
Surah Al Fatha Verse 28
Surah Al Saf Verse 6
Surah Touba Verse 128
Surah Aal E Imaran Verse 164
Surah Al Yunus Verse 57/58
Surah Al Anbiya Verse 107
O Blind , when did you read the Quran? Are you Munafiqs? go back to Quran search for the above ayas
There is no aya in Quraan or any hadeeth which says date or celebrate prophet's birthday. People who dont read tafseer of Quraan do this kind of foolish things to show other religions dat we are not united. There is no one such incident where sahabas have celebrated Rasool's birthday.Guys please wake up & read Quraan wit Tasfeer & follow authentic Hadeeth...May Allah give Hidaya to these people who have taken wrong path by themselves
No Comments/Objection for any Muslim sponsoring cricket tournament and spending lacks of rupees with half naked women dancing on the stage, No question/Objection for the Muslim youths wearing uniform and playing cricket spending their time on the ground why you munafiqs have not questioned, No Objection/Comments on those Muslim college students protesting on the street and blocking the roads and damaging the Goverment Properties and blocking the the roads were many people are serious need to go to hospitals.
why only when the celebration is only for the Milad of the Prophet Sallallahu Alaihi Wassallam.
the above question is for all the Munafiqs who object the Celebration of the Mouludunnabi Sallallahu Alaihi Wasallam.
Moulud or Milad is Prophet's (PBAUH) birthday, which is being celebrated every 3rd month 12th day of the Hijra year... but why moulanas asking people to celebrate it throughout the year....I did not get it....like if there is happiness or sadness or grief they ask people to celebrate birthday of prophet (PBAUH)...no clue....
When a cricket tournament is organized by a muslim sponsor in which half naked women dance on the stage those money spent is not questioned from this idiots, they have problem when a Milad rally is organised where people gather and send Salaath on the beloved Rasool of Allah.
This is very much clear that those who oppose the Milad rally are munafiqs.
Warafa'na Laka zikrak. Rahega yunhi unka charcha rahega, padey khaak ho jaye jaljaney waaley.
U people are blocking the road. Where many people who are serious may have to go to hospital.
We all love our beloved prophet. Don't trouble others during that day.
Many countries giving holiday NOT to celebrate on streets.
Giving zakat to poor is the best celebration.
Sure.. Miskeens will be wholeheartedly invited for my milad to enjoy free biryani..
EID Milad un nabi (SAW) Mubarak Ho for all Momin
FOR ALL THOSE PEOPLE WHO INSIST FOR CHARITY TO POOR PEOPLE RATHER THAN SPENDING FOR MILADUNNABI
PLEASE IMPLEMENT A SYSTEM IN YOUR LIFE AND FAMILY THAT ANY MARRIAGE FROM UR FAMILY WILL BE SIMPLE, AVOID MARRIAGE HALL, AVOID DECORATION, AVOID MEHENDI FUNCTION, AND DONT CELEBRATE BIRTHDAY OF UR KIDS, SPOUSE, BROTHER, SISTER ETC, DONT CELEBRATE THE MARRIAGE ANNIVERSSARY.
INSTEAD DO CHARITY.
FIRST OF ALL EVALUATE YOURSELF AND DETACH FROM ALL THESE DEEDS, THEN COMMENT......
Mr. Salman, when is your milad????
Why don't our Muslim community use brain instead of following the Misguided ulema or grand fathers....
Biddath Mubarak to all Laddu's
Mr.Salman Bhai .u r absolutely right....
Mr. A, FYI, our community is supporting all poor people when it's required at any time and it's not limited to our festivals. Let's them enjoy their day, and don't spit venom...
Happy miladunnabi to fellow muslims...
Very unfortunate. ignorant community celebrating our beloved prophet's death day. which is Rabi Alawwal 12. In Lillahi wa inna ilahi raajioon. Ee qoum eppa sudarra?
What a moment... Jab tak hai jaan... Insha Allah jaroor manayenge eid e milad.. Thanks CD for the coverage n waiting for today's evening procession coverage.
Instead of spending huge money for uniforms , why cant you donate cloths to poor children in the remote area during the birthday of prophet mohammed ??? To whom you wants to show road rally?? why all this celeberations?? There is no birthday celeberations in Islam.
If you want to celeberate Milad, celeberate like Eid ul Fitr and Eid ul Adha when charity is the important order from prophet these two days.
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