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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."

Mangaluru, Mar 22: A 22-year-old man from Bhatkal who had returned from Dubai on March 19 has tested positive for coronavirus.

Sindhu B Rupesh, Deputy Commissioner of Dakshina Kannada confrimed this today.

The youth, after landing at Mangaluru International Airport had got admitted to Govt Wenlock Hospital.

The total number of coronavirus positive patients in India rose to 342 on Sunday, as per the Indian Council of Medical Research (ICMR).

A total of 16,999 samples from 16,109 individuals have been tested for COVID-19 as of 10:00 am on March 22, as per ICMR data.

India reported two deaths today from the highly contagious virus - one each in Maharashtra and Bihar - taking the tally to six, as per state authorities.

Udupi, May 24: Three among the 18 coronavirus positive cases reported in Udupi district today were policemen. 

A police constable of Karkala Rural Police Station and ASI of Ajekar Police Station were tested positive for COVID-19 on Sunday and authorities have taken steps to seal the Police Stations they were working. A policeman from Brahmavar police station also tested positive.

The district administration reported seal Karkala Rural Police station, Ajekar Police Station, and Brahmavar Police Station. Apart from them Karkala Town Station and Circle station are being sealed. All the policemen and policewomen working in these five stations will be quarantined.

Superintendent of Police N Vishnuvardha said that ''all the primary contacts of the police officers who were tested positive will undergo screening and their swabs will be collected and sent to Lab for test.''