Moneycontrol
Get App
you are here: HomeNewsBusiness
Last Updated : Aug 14, 2019 03:31 PM IST | Source: Moneycontrol.com

Coffee Day inks pact with Blackstone for Bengaluru tech park; deal valued at Rs 2,600-3,000cr

The consolidated borrowings, including bank loans and non-convertible debentures (NCDs), of all its subsidiaries stands around Rs 6,547.38 crore as on March 31.

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Coffee Day Enterprises (CDEL) has signed a non-binding agreement with New York-based private equity giant Blackstone for its real estate property -- Global Tech Village -- in a deal valued at Rs 2,600-3,000 crore. The sale of the 90-acre technology park in Bengaluru will help the company reduce its debt burden.

In an exchange filing, the company said, “The Board of Directors today approved the disinvestment of Global Village Tech Park in its subsidiary, Tanglin Developments, in favour of Blackstone.”

The transaction is valued around Rs 2,600-3,000 crore, it said, adding that the deal 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.

Close

The board has also approved disinvestment in its step-down subsidiary, AlphaGrep Securities Pvt, part of its wealth management subsidiary Way2Weath, in favour of Illuminati Software Pvt for around Rs 28 crore.

As on March 31, CDEL — whose main subsidiaries include Coffee Day Global (coffee business), Sical Logistics (integrated logistics), Tanglin Developments (realty), Way2Wealth (financial services) and Coffee Day Hotels and Resorts (hospitality) — had debt obligations of at least Rs 7,653 crore.

The consolidated borrowings, including bank loans and non-convertible debentures (NCDs), of all its subsidiaries stands around Rs 6,547.38 crore as on March 31. Of this, its short-term debt obligations stood at Rs 1,106 crore. he group’s total assets stood around Rs 11,259 crore.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.
First Published on Aug 14, 2019 03:29 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant