Coffee Day Enterprises Ltd Board discusses ways to deleverage group
Transactions approved will ensure smooth operations while safeguarding the interests of all stakeholders, a statement released by the company said
Published - Aug 14, 2019 4:43 PM Updated: Aug 14, 2019 4:43 PM
The Board of Directors of Coffee Day Enterprises Limited at their meeting held on Wednesday discussed methods of deleveraging the group.
The Board of Directors have approved the disinvestment of Global Village Tech Park in its subsidiary, Tanglin Developments Ltd, in favour of Blackstone. The transaction valuation is about Rs 2,600 crore to Rs 3,000 crore 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.
Further, the Board has also provided its in principal approval for disinvestment in its step down subsidiary, AlphaGrep Securities Pvt. Ltd, in favour of Illuminati Software Pvt. Ltd. for an approximate amount of Rs 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,” a statement released by the company said.For more updates, be socially connected with us on
WhatsApp, Instagram, LinkedIn, Twitter, Facebook & Youtube