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


Final Updated : Aug 14, 2019 03: 31 PM IST | Source:Moneycontrol.com

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

Coffee Day Enterprises (CDEL) has signed a non-binding settlement with Unusual York-based mostly completely mostly deepest equity enormous Blackstone for its actual property 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 support the company scale back its debt burden.

In an change submitting, the company acknowledged, “The Board of Directors this day well-liked the disinvestment of Global Village Tech Park in its subsidiary, Tanglin Trends, in favour of Blackstone.”

The transaction is valued around Rs 2,600-3,000 crore, it acknowledged, adding that the deal is topic to completion of Blackstone’s due diligence, documentation and receipt of requisite regulatory approvals, which is anticipated in the subsequent 30-45 days.

The board has also well-liked disinvestment in its step-down subsidiary, AlphaGrep Securities Pvt, fragment of its wealth administration subsidiary Way2Weath, in favour of Illuminati Software program Pvt for around Rs 28 crore.

As on March 31, CDEL — whose main subsidiaries embody Coffee Day Global (coffee industry), Sical Logistics (integrated logistics), Tanglin Trends (realty), Way2Wealth (financial companies) and Coffee Day Resorts and Hotels (hospitality) — had debt tasks of on the least Rs 7,653 crore.

The consolidated borrowings, including financial institution loans and non-convertible debentures (NCDs), of all its subsidiaries stands around Rs 6,547.38 crore as on March 31. Of this, its non eternal debt tasks stood at Rs 1,106 crore. he community’s total resources stood around Rs 11,259 crore.Subscribe to Moneycontrol Proand contain entry to curated markets recordsdata, shopping and selling suggestions, equity diagnosis, investment strategies, insights from market gurus and a long way extra. Salvage Moneycontrol PRO for 1 365 days at imprint of3 months at 289. Exercise code FREEDOM.

First Published on Aug 14, 2019 03: 29 pm

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