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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."

Thiruvananthapuram, Feb 21: A school in the city has allegedly denied admission to a boy whose parents did not fill the religion column in the application form, prompting the Kerala education department to seek a report.

The parents, Naseem and Dhayna, had sought admission for their son to the first standard at the St Mary's school, a government-aided institution. They alleged that school authorities had claimed that registration will not be possible on the education department's 'Sampoorna' portal without filling the 'religion' column.

"We were informed by the school authorities that it was not possible to give admission to our child as we wrote 'nil' in the religion column. They claimed that if nil is mentioned, the admission process will not get registered in the school management software of the education department," Naseem said.

Sampoorna is a school management system project implemented by the Kerala education department to automate the system and process of over 15,000 schools in the state.

The parents later approached the ministry and the Directorate of Public Instruction (DPI) to get further clarification.

"The state government officials denied that there were any issues with the software and confirmed to us that the admission process was going on.

When we approached the school authorities again, they asked us to give in writing that we, the parents will take responsibility of any issues that may occur in the future," Naseem said.

The parents then decided not to enroll their son at the school due to the manner in which the issue was handled by the institution. Reacting swiftly, the state government sought a report from the DPI and the deputy director of the education department on the matter.

"We have asked the DPI and the deputy director of the education department to look into the matter and file a report as soon as possible," Education minister C Raveendranath told PTI. The parents said after the news spread, a school official called them offering admission.

"But we decided not to enroll him there due to the approach of the school authorities," he said.

Naseem runs a catering business after returning from the Gulf.

The school management in a release claimed that they sought a letter in writing from the parents to avoid trouble in the future. "When school authorities asked why the religion column was left blank, the parents said they were not interested in filling that part. The parents have that right.

But most benefits given by the government to school children are based on religion. We just wanted to ensure that the parents take the responsibility in case the student misses out any such benefits in the future," the management said.

School authorities maintained they never denied admission to any student. The parents are now looking for admission for their son in other schools in Thiruvanathapuram.

Ravindranath recently claimed in the state Assembly that over one lakh children in Kerala had left columns relating to caste and religion blank in school admission records during the 2017-18 academic year. In a written reply, he said as many as 1,24,147 children had not filled these columns while enrolling in different classes in government and government-aided schools during the period.