Coffee Day Enterprises to sell Bengaluru tech park to Blackstone; may fetch up to Rs 3,000 crore
CDEL, the holding company of Coffee Day group firms, said in a stock-exchange filing that it has entered into a non-binding agreement with New York-based private equity giant Blackstone to disinvest its Global Village Tech Park in Bengaluru
- Aug 14, 2019,
- Updated Aug 14, 2019 5:20 PM IST
Coffee Day Enterprises Ltd (CDEL), the operator of coffee retail chain Cafe Coffee Day, on Wednesday announced to sell the group's 90-acre technology park in Bengaluru to pare its debt, which could fetch up to Rs 3,000 crore.
CDEL, the holding company of Coffee Day group firms, said in a stock-exchange filing that it has entered into a non-binding agreement with New York-based private equity giant Blackstone to disinvest its Global Village Tech Park in Bengaluru.
CDEL, the holding company of Coffee Day group firms, took this decision to reduce its debt burden. As of March 31, 2019, Coffee Day Enterprises reported a debt of Rs 6,547 crore. The development came a little over a week after the death of Cafe Coffee Day (CCD) founder V.G. Siddhartha.
"The board of directors today approved the disinvestment of Global Village Tech Park in its subsidiary, Tanglin Developments Ltd, in favour of Blackstone," CDEL said in a filing to the Bombay Stock Exchange.
Coffee Day Enterprises Ltd (CDEL), the operator of coffee retail chain Cafe Coffee Day, on Wednesday announced to sell the group's 90-acre technology park in Bengaluru to pare its debt, which could fetch up to Rs 3,000 crore.
CDEL, the holding company of Coffee Day group firms, said in a stock-exchange filing that it has entered into a non-binding agreement with New York-based private equity giant Blackstone to disinvest its Global Village Tech Park in Bengaluru.
CDEL, the holding company of Coffee Day group firms, took this decision to reduce its debt burden. As of March 31, 2019, Coffee Day Enterprises reported a debt of Rs 6,547 crore. The development came a little over a week after the death of Cafe Coffee Day (CCD) founder V.G. Siddhartha.
"The board of directors today approved the disinvestment of Global Village Tech Park in its subsidiary, Tanglin Developments Ltd, in favour of Blackstone," CDEL said in a filing to the Bombay Stock Exchange.