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
1,000 people fell prey to online fraudsters in Bengaluru alone during 2 month lockdown
coastaldigest.com news network
May 25,2020
Benglauru, May 25: Nearly one thousand people in the capital city of Karnataka have lost several crores of rupees to online fraudsters during the two months of covid-19 lockdown.
According to official sources, 962 cases of online frauds have been registered in various police stations across Bengaluru March 23 to May 19.
On an average, 18 cases were reported every day. However, this number isn’t unusually high compared to normal times, according to police. The highest number of cases was registered in west division (227).
What baffles the cops is the brazenness with which fraudsters attacked. Many fraudsters duped people in the name of providing jobs, insurance money, Employees’ Provident Fund, renewal of credit/debit cards.
Many people lost money while procuring groceries, alcohol, masks and hand sanitisers delivered at the doorstep. Olx and Facebook scams thrived during the prolonged lockdown.
Police said malicious links were shared on mobile phones asking recipients to download the Aarogya Setu app and seeking banking information, all targeted at stealing phone data.
An officer said many were glued to their phones, and cybercriminals took advantage of this, sometimes pretending to be bank representatives wanting to issue/ renew credit/debit cards.
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8 fresh corona cases surface in coastal Karnataka
coastaldigest.com news network
May 19,2020
Udupi, May 18: As many as eight fresh coronavirus positive cases have been reported in coastal districts of Udupi and Uttara Kannada.
No fresh positive case was reported in Dakshina Kannada since yesterday.
According to Health and Family Welfare Department, two men aged 38 and 24 years, an 8-year-old boy and a 24-year-old woman tested positive for coronavirus in Udupi district today.
All of them were under quarantine after returning from Maharashtra recently. They were shifted to covid-19 hospital for treatment. With this the number of covid-19 positive cases in Udupi district mounted to 15.
Meanwhile, Uttara Kannada district also received a jolt with four more cases. Yesterday it had reported eight cases.
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Some areas in Dakshina Kannada declared containment zones
News Network
April 20,2020
Mangaluru, Apr 20: The Dakshina Kannada district administration had declared certain areas in the district as containment zones after COVID-19 positive cases were detected from there.
A seal down has been declared in these zones, completely banning all movement of the people including leaving their houses.
In Ajjavara, Sullia taluk a one-kilometre containment zone has been set up on April 19.
The zone stretches from Ankotimar Road and includes Forest agriculture land and the residences of Savera and Achar.
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