Friday, August 23, 2019
News

Coffee Day selling Tech Park to Blackstone for Rs 3,000 cr

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Bengaluru | Wednesday, 2019 11:15:05 PM IST
Coffee Day Enterprises Ltd on Wednesday approved selling Global Village Tech Park of its subsidiary Tanglin Developments Ltd in Bengaluru to the US-based private equity firm Blackstone for Rs 2,600-3,000 crore over the next 30-45 days.

"The Board of Directors approved the disinvestment of Global Village Tech Park in its subsidiary, Tanglin Developments Ltd, in favour of Blackstone for a transaction value of Rs 2,600-3,000 crore," said the city-based company in a regulatory filing on the BSE.

The decision comes a fortnight after the company's founder-chairman V.S. Siddhartha was found dead on July 31 in a river near Mangaluru on the state's west coast.

"Parleys with Blackstone were underway by Siddharth since January when he was looking at selling his or the holding company's equity stake to raise funds for pairing high-cost debts," a source told IANS.

The New York headquartered Blackstone specialises in private equity, credit and hedge fund investment strategies.

"The transaction is subject to completion of Blackstone's due diligence, documentation and receipt of regulatory approvals in the next 30-45 days," added the filing.

The board also approved disinvesting in its step-down arm AlphaGrep Securities Ltd to Illuminati Software Ltd for Rs 28 crore.

The 9-year-old Delhi-based IT firm is involved in data processing.

"The twin transactions will help in deleveraging the Coffee Day Group, and ensure smooth operations while safeguarding the interests of stakeholders, including investors, lenders, employees and customers," added the filing.

--IANS fb/pgh/

( 252 Words)

2019-08-14-17:10:08 (IANS)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Dabur India arm acquires management cont...
SBI customers to continue getting 3 pc i...
Kia Motors India launches mid-segment SU...
INSA releases Joint Industry Guidance on...
Vodafone Idea launches 'TurboNet' 4G in ...
IndiGo to restart Delhi-Singapore flight...
More...
 
INDIA WORLD ASIA
Delhi Fire Services to conduct training ...
CBI to focus on all FIPB approvals given...
Aircel-Maxis case: Court extends protect...
TN: Coimbatore on alert after suspected ...
Kamal Nath gives details about farm loan...
Kerala police on high alert...
More...    
 
 Top Stories
Act on global cos abusing Indian fi... 
Look to middle everything even at t... 
Partial US troop pullout won't impa... 
People feel Jagan government settli... 
Kerala police on high alert after L... 
Fake news spread like wildfire afte... 
'Pak not serious about combating te... 
India diverting attention from Kash...