- Saturday 28 Mar 2020
Coffee Day Enterprises says debt to fall to Rs 1,000 cr post sale of Bengaluru tech park
PTI, Aug 17, 2019, 3:52 PM IST
New Delhi: Cafe chain operator Coffee Day Enterprises on Saturday said its total debt is expected to reduce to around Rs 1,000 crore after adjusting the proceeds from sale of its Global Village Tech Park in Bengaluru to Blackstone.
“The company has already announced the divestment of Global Village Tech Park held by its subsidiary Tanglin Developments Ltd for an aggregate consideration of Rs 2,600-3,000 crore. On receipt of the consideration for the sale of Global Village after payment of required Statutory payments, the debt position of Coffee Day Group will reduce around by Rs 2,400 crore,” Coffee Day Enterprises said in a regulatory filing.
The debt position of Coffee Day Group post repayment of debt out of proceeds from sale of Global Village is expected to be around Rs 1,000 crore in the next 45 days, it added.
As per the filing, total debt of Coffee Day Enterprises as on July 31, 2019 was Rs 3,472 crore.
The company said its arm Sical Logistics has also been working on divestment of certain assets.
“The proceeds from the divestment is expected to significantly reduce the debt in Sical,” Coffee Day Enterprises added.
Total debt of Sical Logistics is Rs 1,488 crore, it added.
The company said it is confident that the ongoing divestments will significantly reduce the debt position of Coffee Day Group.
“The financial position and asset base of the Coffee Day Group will be comfortable to service the debt obligations of the entire group in full. We reiterate that the debt obligations of the Coffee Day Group will be honoured. We request all the lenders and creditors to give sufficient time to honour the commitments and to unlock the true potential value of the assets,” it said.
Last month, Coffee Day Enterprises founder V G Siddhartha allegedly committed suicide. In a letter purportedly written by him, Siddhartha mentioned “serious liquidity crunch” and “tremendous pressure” from lenders and an unnamed private equity investor, among other issues.
ಓಂ ಶ್ರೀ ಸಾಯಿ ಜ್ಯೋತಿಷ್ಯಾಲಯ
South Canara’s Famous Asrologer
Family issue, ಮದುವೆಯಲ್ಲಿ ವಿಘ್ನ, ಸತಿ-ಪತಿ ಕಲಹ, Court Case, ವಶೀಕರಣ, Love problems, ಸದಾ ಕುಟುಂಬದಲ್ಲಿ ಕಲಹ, Money problem, ಕೆಲಸದಲ್ಲಿ ಕಿರಿಕಿರಿ, ಮಕ್ಕಳ ಸಮಸ್ಯೆ, ವ್ಯಾಪಾರದಲ್ಲಿ ಅಡೆ-ತಡೆ, Loan Issue, ನಿಮ್ಮ ಯಾವುದೇ ಸಮಸ್ಯೆಗೆ 3 ದಿನಗಳಲ್ಲಿ ಶಾಶ್ವತ ಪರಿಹಾರ.
ಹೊಟೇಲ್ ದುರ್ಗಾ ಇಂಟರ್ ನ್ಯಾಶನಲ್, ರೂಂ. ನಂ. 310, 3ನೇ ಮಹಡಿ, ಸಿಟಿ ಬಸ್ ಸ್ಟ್ಯಾಂಡ್ ಹತ್ತಿರ, ಉಡುಪಿ
ಪಂಡಿತ್ ಸಾಯಿನಾಥ್ ಜೋಶಿ : Ph- 98449-44242
Mountain View, California: Alphabet Inc will donate more than $800 million in funds towards producing medical supplies used to fight COVID-19, and in ....
London: As COVID-19 pandemic envelopes the world, WhatsApp has seen a 40 per cent increase in usage, according to a study by Kantar, a data and consu....
Mumbai: The country's foreign exchange reserves fell by a whopping USD 11.98 billion to USD 469.909 billion in the week to March 20 as the Reserve Ban....
New Delhi: Some e-commerce companies on Friday partially resumed operations for the sale of groceries and essential items but deliveries to customers ....
New Delhi: Medical Technology Association of India (MTaI) on Friday urged the state governments and local administrators to urgently restore the medic....
Mumbai: Bollywood superstar Akshay Kumar on Saturday announced that he will be donating Rs 25 crore to the emergency fund launched by Prime Minister N....
Mangaluru: No COVID-19 positive cases were reported in the district on Saturday, March 28. Till March 28, more than 38,000 people have been screene....
Udupi: District deputy commissioner (DC) G Jagadeesha announced on Saturday, March 28 that from Sunday, March 29 essentials goods shops exempted from ....
Bengaluru: Union Minister Sadananda Gowda on Saturday said he has donated one month's salary and Rs 1 crore from MPLADs fund to Prime Minister's Natio....
Mangaluru: In a meeting presided by Dakshina Kannada district in-charge minister Kota Srinivas Poojary said that a total bandh will be observed for a ....