Coffee Day Entp Board nods divesting few entities, to raise funds to pay debts

BENGALURU | MUMBAI | AHMEDABAD-GANDHINAGAR-RAJKOT – In a regulatory submission to the Indian Stock Exchanges, Bengaluru headquartered Coffee Day Enterprises Ltd said of divesting from few businesses to ensure smooth operations, safeguarding interest of all stakeholders, investors, lenders, employees and customers.

The statement submitted by the company to the Indian Bourses read that, The Board of Directors of the Company at their meeting held on Wednesday, 14th August 2019 discussed methods of deleveraging the group. Towards the objective of deleveraging the Board discussed and approved the following matters :-

The Board of Directors today approved the disinvestment of Global Village Tech Park in its subsidiary, Tanglin Developments Ltd, in favour of Blackstone.

The transaction valuation is about INR 2600 Cr- INR 3000 Cr and the Company has entered into a non-binding letter of intent.

The transaction closure is subject to completion of Blackstone’s due diligence, documentation and receipt of requisite regulatory approvals, which is expected in the next 30- 45 days.

Board takes the opportunity to thank Blackstone for their professional and transparent approach and quick turnaround time displayed under adverse market conditions.

Further the Board has also provided it’s in principal approval for disinvestment in its stepdown subsidiary, AlphaGrep  Securities Pvt. Ltd in favour of Illuminati Software Pvt. Ltd. for an approximate amount of INR 28 Crore.

The above mentioned transactions will significantly help in deleveraging the Coffee Day Group, and ensure smooth operations while safeguarding the interests of all stakeholders, including investors, lenders, employees and customers.


Follow DATELINE GUJARAT On :-

FacebookGoogle+LinkedinTwitterYouTube, Blogspot, Telegram, Instagram 


SHARE THIS NEWS ON :-

Do NOT follow this link or you will be banned from the site!