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."
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Coffee Day gets first tranche of Rs 2,000-cr after disinvestment in GV Techparks
News Network
March 30, 2020
Masjid al-Haram will open for prayers in a few days: Al Sudais
News Network
April 29,2020
Newsroom, Apr 29: Abdul Rahman Al Sudais, the imam of the Grand Mosque in Makkah has hinted that Muslims will be allowed to perform prayers again at the holiest mosque after a few days.
Al Sudais, who is also the president of the General Presidency for the Affairs of the Two Holy Mosques, predicted this while answering a question from a reporter about the possibility of having worshippers gather again at the mosque.
He said that soon people will be allowed to return to the mosque for prayers and for circumambulation around the holy Kaaba.
The authorities care about people more than anything else, he said. "All Muslims should pray to Allah to help us through this pandemic. People must be careful and take necessary precautions to protect themselves and others," he added.
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Coronavirus claims third life in Karnataka
News Network
March 27,2020
Bengaluru, Mar 27: Karnataka has recorded the third death due to the Covid-19 virus. It is a man from Tumakuru with a travel history to Delhi. He had been put in isolation at the District Hospital in Tumakuru on March 24.
His travel history indicates that he travelled to New Delhi by the Sampark Kranti Express (Coach S6) on March 5 along with 13 members. They reached Hazrat Nizamuddin station in New Delhi on March 7 and went to the Jamia Masjid and rented an room at a lodge nearby.
He began the return journey to Karnataka by the Kongu Express on March 11 in Coach no. S9. On March 18, he developed cough and fever and visited a private hospital the next day. He was referred to the District Hospital in Tumakuru but on March 24, he left the hospital against medical advice and went to a private medical facility. He was referred back to the District Hospital, where he was put isolation.
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Woman who came from Saudi Arabia hospitalized in Manipal over corona scare
News Network
March 11,2020
Udupi, Mar 11: An elderly woman, who had recently visited Saudi Arabia has been admitted to an isolation ward at KMC in Manipal, here with symptoms of fever, cough and breathlessness.
The 68-year-old woman hails from Sagar taluk in Shivamogga district of Karnataka.
The patient had travelled to Saudi Arabia in the last week of February and was treated for fever cough and breathlessness there.
After recovery, she had travelled back to Bengaluru, where she was screened at the airport.
Later, she reached Shivamogga where she was treated at Nanjappa Hospital for symptoms of fever, cough.
As she has symptoms of coronavirus, she is quarantined and is under observation. The samples will have been sent to Bengaluru and the result is awaited.
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