Coffee Day Enterprises Seeking Lenders Nod For Tech Park Sale Deal
A Cafe Coffee Day coffee shop operated by Coffee Day Enterprises. (Photographer: Karen Dias/Bloomberg)

Coffee Day Enterprises Seeking Lenders Nod For Tech Park Sale Deal

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Coffee Day Enterprises Ltd. is seeking its lenders' nod for the completion of the deal to sell Bengaluru-based Global Village Tech Park to global investment firm Blackstone and realty firm Salarpuria Sattva at an enterprise value of Rs 2,700 crore, the company said on Wednesday.

Terming the report suggesting roadblocks from some bankers as "bruits", Coffee Day Enterprises said that it along with its subsidiary Tanglin Developments is working on that.

"We wish to inform that the Company and Tanglin Developments Ltd., the subsidiary of the Company, is in the process of obtaining required NOCs (No Objection Certificate) from the lenders for the completion of the deal," the company said in a regulatory filing.

On Sept. 17, Coffee Day Enterprises had announced about the deal as part of its move to pare its debt, which is nearly Rs 5,000 crore.

Coffee Day has been trying to divest its assets to pare debt after the death of its promoter VG Siddhartha.

Besides Global Tech Park, the Coffee Day Group, is also looking to reduce debt of Sical Logistics, which runs port terminals and container freight stations.

Coffee Day had said that the company has sold the tech park to focus on its core business and reduce the debt of Coffee Day Group.

Coffee Day Enterprises shares on Wednesday settled at Rs 41.70, down 0.24 percent from the previous close.

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