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Coffee Day Enterprises Ltd update On Debt Position

Posted On: 2019-08-17 14:44:11

There have been several media speculations regarding the Debt Position of Coffee Day Enterprises Ltd and its subsidiaries. The Company seeks to clarify the Debt Position and the expected reduction, post conclusion of the ongoing divestment transactions.

Coffee Day Enterprises Group Debt PositionThe Company has already announced the divestment of Global Village Tech Park (Global Village) held by its subsidiary Tanglin Developments Limited for an aggregate consideration of INR 2,600 - 3,000 crore. On receipt of the consideration for the sale of Global Village after payment of required Statutory payments, the debt position of Coffee Day Group will reduce around by INR 2,400 crore.

The Debt Position of Coffee Day Group (excluding Sica! and Magnasoft) post repayment of Debt out of proceeds from sale of Global Village is expected to be around INR I ,000 crore in the next 45 days. The Company expected to have a comfortable position to service the reduced debt obligations.

Sical has been working on divestment of certain assets. The proceeds from the divestment is expected to significantly reduce the debt in Sical.

The Company is confident that the ongoing divestments will significantly reduce the Debt Position of Coffee Day Group. The financial position and asset base of the Coffee Day Group will be comfortable to service the debt obligations of the entire group in full.

We reiterate that the debt obligations of the Coffee Day Group will be honored. We request all the lenders and creditors to give sufficient time to honor the commitments and to unlock the true potential value of the assets. We thank on behalf of 50,000 employees, for whom the Group has provided employment (direct and indirect).

Shares of Coffee Day Enterprises Ltd was last trading in BSE at Rs.62.95 as compared to the previous close of Rs. 66.25. The total number of shares traded during the day was 7607 in over 99 trades.

The stock hit an intraday high of Rs. 62.95 and intraday low of 62.95. The net turnover during the day was Rs. 478860.


Source: Equity Bulls

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