Blackstone English news | Blackstone, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

"The management has decided to clarify its debt position, the expected reduction and post conclusion of the ongoing divestment transactions," said the city-based company in a regulatory filing on the BSE.Of the total debt, that of Coffee Day Enterprises Ltd is Rs 480 crore, Coffee Day Global Ltd is at Rs 1,097 crore, Way 2 Wealth Ltd at Rs 121 crore, Tanglin Developments Ltd at Rs 1,622 crore, Tanglin Retail Reality Developments Ltd Rs 15 crore, Coffee Day Hotels and Resorts Ltd Rs 137 crore, Sical Logistics Ltd Rs 1,488 crore and Magnasoft Consulting India Ltd Rs 10 crore."The clarification is in light of speculation in a section of the media on our debt position after the demise of our founder-chairman V.G. Siddhartha on July 31," Company Secretary Sadananda Poojary in the filing.The company's board on August 14 decided to sell 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 group's debt position will reduce to Rs 2,400 crore on receipt of the Global Village's sale proceeds from Blackstone and settlement of statutory payments," it said in the filing.The company is expected to be in a position to service the reduced debt obligations."Sical has been working on divestment of certain assets, whose proceeds will reduce its debt," said Poojary.The company has requested the lenders and creditors to give it time to honour the commitments and unlock the potential value of its assets.The group has provided direct and indirect employment to about 50,000 people.( With inputs from IANS )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Marathi Language Controversy

Maharashtra News

Mumbai Local

Weather Update

Mumbai Rains

Ahmedabad Plane Crash

BlackstoneFOLLOW

Blackstone, Latest News

Business :Coffee Day group's outstanding debt at Rs 4,970 cr

The Coffee Day group on Saturday said its total outstanding debt was Rs 4,970 crore, including Rs 4,796 crore secured loans and Rs 174 crore in unsecured loans. ...