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
Dakshina Kannada reports 13 new covid cases; Udupi reports 11
coastaldigest.com news network
June 19,2020
Mangaluru/ Udupi, June 19: As many as 13 fresh coronavirus positive cases were reported in Dakshina Kannada on June 19, taking the total number of cases in the coastal district to 414. In Udupi, the total number of covid cases mounted to 1,050 with 11 new cases.
Four among the 13 patients in Dakshina Kannada had returned from Saudi Arabia and seven had returned from Sharjah recently. Two others were suffering from an influenza-like illness (ILI). All the 13 patients have been shifted to the designated COVID hospital in Mangaluru.
In Udupi, three among the 11 new covid patients are children. Four are Maharashtra returnees and two had come from Tamil Nadu. Five others have contracted infection from other positive patients.
Only 98 cases are currently active in Udupi among 1,050. As many as 950 patients have been discharged from hospital. Two deaths have occurred in the district including one on Friday.
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.
No free meals at Indira canteens to avoid spread of coronavirus: Yediyurappa
News Network
March 24,2020
Bengaluru, Mar 24: Karnataka Chief Minister B S Yediyurappa, who had earlier announced that Indira canteen will supply free meals to the poor and BPL card holders, on Tuesday announced that Indira Canteens will be remain closed as there is fear of spread of the coronavirus as people assemble in large number.
On Monday, he had announced that Indira Canteens would provide food free of cost for the benefit of daily wage workers and poor people in the wake of a complete lockdown.
Asked about the alternative the government would provide, he said, "Closure of canteens is needed to avoid the rush near the canteen as it may lead to problems.
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.
Mother of Kerala woman who allegedly joined IS seeks Centre's help to get her back
News Network
March 18,2020
Thiruvananthapuram, Mar 18: Bindhu Sampath, the mother of Nimisha alias Fathima who travelled from Kerala to Afghanistan to join the Islamic State (IS), has sought the Central government's help to bring her daughter back to India.
"I saw a video of my daughter in which she was requesting her return to India. She has realised that India is her country, not Afghanistan. She is scared that she'll be put in jail over there. Responding to my mail, the Afghanistan government has said that the procedure will take time," said Bindhu Sampath.
"I believe in Indian laws. Let her be questioned and realise what is good or bad. I am waiting for the Central government's confirmation on the matter," added Sampath.
Around four years back, a team of 21 members which consisted of couples and children went to Syria from Kerala to join ISIS and lead an Islamic life. After they left, police registered a case against them, which has been handled by the National Investigation Agency.
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