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
Mysuru among 5-star garbage-free cities of India
News Network
May 19,2020
Mysuru, May 19: Union Housing and Urban Affairs Minister Hardeep Singh Puri on Tuesday announced the results of garbage free-star rating for Indian cities.
He said that Ambikapur in Chhattisgarh, Rajkot in Gujarat, Mysuru in Karnataka, Indore in Madhya Pradesh and Navi Mumbai in Maharashtra have got a five-star rating.
Puri extended the wishes to the cities who got a five-star rating and said it came at a time when the entire world, including India, are reeling under the impact of COVID-19 pandemic.
"It was the intention of my senior colleagues and others to declare the result of star rating of garbage-free cities much earlier but we decided to postpone because we wanted at least some degree of opening to take place and we thought the timing is correct," Puri said.
The minister said that of all the flagship programmes Prime Minister Narendra Modi has announced, Swachta Mission is the most important programme for him.
"I have often shared with you my assessment that of all the flagship programmes that the Prime Minister had announced after the 2014 election results. But my personal view, a view I have had a citizen and certainly a view that is fortified by my experience as Minister for Housing and Urban Affairs, that the Swachta Mission by far is the most important programme of all the missions," Puri said
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With 27 fresh cases Udupi’s covid tally reaches 143; DK’s tally 87 including 6 new
coastaldigest.com news network
May 28,2020
Mangaluru/Udupi, May 28: Coastal Karnataka witnessed further spike in covid-19 cases today with 27 people testing positive for coronavirus in Udupi and six in Dakshina Kannada.
Among 27 coronavirus patients in Udupi 18 are males and 9 females. Among them 24 have come from Maharashtra, two from Telangana and one from Kerala. All of them were under quarantine.
As many as 147 confirmed cases of coronavirus have been reported so far in the district, including a death. Three have recovered, and 143 are active.
In Dakshina Kannada, 2 females aged 18 and 62, and four males aged 25, 36, 50 and 61, are the ones to be tested positive. All the six persons to test positive are Maharashtra returnees.
With this, the number of cases in DK has increased to 87, out of which 51 are currently active. As many as 29 persons have recovered and been discharged, and seven deaths have occurred so far.
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Public gatherings including local markets, village fairs, Urs banned in Kalaburagi
News Network
March 16,2020
Kalaburagi, Mar 16: In the wake of coronavirus scare, the public gatherings including local markets, village fairs, Urs festival in Kalaburagi district have been banned, said B Sharat, Deputy Commissioner, on Sunday.
"Gatherings including local markets, village fairs, Urs festival in the district have been banned as a precautionary measure against the coronavirus until further orders," Sharat said.
The World Health Organization (WHO) has declared that Europe has become the new 'epicenter' of the global coronavirus pandemic that has infected more than 15 lakh people with over 4,000 deaths globally.
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