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After the sale of its technology park, the company's coffee debt dropped to 1,000 dinars

Sales of Technology Day Coffee Day Enterprises (CDEL) to Blackstone are expected to reduce the company's debt to 1,000 kronor rune, according to a statement provided to the exchanges.

The company sold Global Village Tech Park under those Tanglin real estate weapons to Blackstone for Rs 2600-3000 crore on August 14.

In a filing for the BSE, the company said, “The company has already announced the disposal of Global Village Tech Park (Global Village) owned by its subsidiary Tanglin Developments Limited for a total compensation of Rs 2,600-3,000. After receiving the Global Village sale fee after making the required legal payments, the debt position of Coffee Day Coffee will be reduced by Rs 2400 crore. "

The position of the coffee group (excluding Sical and Magnasoft) after the repayment of the debt from the proceeds of the Global Village sale will be 1,000 crowns over the next 45 days.

"The company was expected to have a comfortable position to service reduced liabilities," the statement added.

The company’s debt as of July 31 amounted to 4,970 crore rupees, and the debt was incurred by logistics company, Sical, amounting to about 1,488 rupees of ore. In the filing, the company said, "CDEL's logistics arm Sical is also working to dispose of certain assets. The sale proceeds are expected to significantly reduce Sical debt. "

The debt positions of its other subsidiaries are Tanglin Developments, which stands at Rs 1,622, Coffee Day Global at Rs 1,097 ore, Coffee Day Enterprises at a price of Rs 480 crore and Way2Wealth Securities at Rs 121 crore. Tanglin Retail Development Reality and Magnasoft consulting have debts of 15 kronor, or 10 rune.

In addition to the property and its valuations, cited in an alleged letter written by VG Siddhartha before his death, on July 27, the property is worth 18,000 kronor.

Given that the value of the property outweighs the burden of debt, the board also asked its creditors and creditors to give sufficient time to fulfill the obligations and to unlock the true potential value of the property.

"The company is confident that ongoing sales will significantly reduce the debt position of Coffee Day Group. The financial position and assets of the Coffee Day group will be comfortable fully servicing the debt obligations of the entire group, "the company said in a filing.Subscribe to Moneycontrol Pro and gain access to curated market data, trade recommendations, capital analysis, investment ideas, insights from market gurus, and more. Get Moneycontrol PRO for one year at a price of 3 months in 289. Use the FREEDOM code.

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