Moneycontrol
Last Updated : Sep 09, 2019 11:56 AM IST | Source: Moneycontrol.com

Sical Logistics locked in upper circuit amid report of stake sale by Coffee Day

Coffee Day Enterprises as well as Sical Logistics have been rangebound after a steep fall in August following the death of VG Siddhartha.

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Shares of Sical Logistics were locked in 5 percent upper circuit at Rs 27.05 on the BSE on September 9 after a media report said that Coffee Day Enterprises might be selling the company.

There were pending buy orders of 26,060 shares, with no sellers available on the BSE at 1122 hours. Coffee Day Enterprises shares were also locked in 5 percent upper circuit at Rs 63.95. However, both shares were at lower circuit in previous session.

"Coffee Day Enterprises (CDEL), the company founded by late coffee tycoon VG Siddhartha, has put its Sical Logistics unit on the block as it seeks to pare debt," the Mint said, quoting three people.

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CDEL has hired ICICI Securities as adviser for the potential transaction, which could see the group holding company raise Rs 1,000-1,500 crore, the report added.

“CDEL’s debt at the consolidated level is around Rs 4,400 crore. The sale of the Global Village Tech Park will bring down this debt to around Rs 2,000 crore, while a part of the proceeds from this sale will go to CDEL’s books towards working capital requirements,” the report said.

Coffee Day Enterprises as well as Sical Logistics have been rangebound after a steep fall in August after Siddhartha’s death.

CDEL’s promoter stake has fallen substantially since July 26. According to a series of filings by the company on exchanges, pledges on 26.47 percent of CDEL shares have been invoked by debenture holders between July 26 and August 30, leaving the promoter group of CDEL with only 27.46 percent in the company, the report said.
First Published on Sep 9, 2019 11:56 am
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