Coffee Day Enterprises has repaid loans to the tune of Rs 1,644 crore in full to 13 lenders after concluding a deal with Blackstone Group and Salarpuria Sattva Group to sell its technology business park. With this, the conglomerate has lowered its total debt to Rs 3,200 crore.
Coffee Day Enterprises told the stock exchanges on Friday that it has received Rs 2,000 crore in the first tranche for the "disinvestment of Global Village Tech Park in its subsidiary, Tanglin Developments in favour of entities belonging to Blackstone Group and Salarpuria Sattva Group". The remaining amount will be received after getting a few statutory approvals.
"Out of the money received in first tranche, the company has paid-off its debts in full including principal and interest amounting to Rs 1,644 crore, to the lenders, despite difficult economic conditions. Post this payment, the consolidated debt of the company and its subsidiaries stands at Rs 3200 crore as on March 27, 2020. This includes a debt of Rs 1,400 crore of its subsidiary, Sical Logistics Ltd, where disinvestment process is in progress," Coffee Day Enterprises said in a regulatory filing.
The company and its subsidiaries have repaid around Rs 4,000 crore to the lenders since the beginning of this financial year, the statement further said.
In the recent repayments, the company paid Rs 22 crore to Aditya Birla Finance, Rs 497 crore to Axis Bank, Rs 413 crore to Standard Chartered, Rs 81 crore each to RBL Bank and STCI, Rs 24 crore to IFCI, Rs 199 crore to PHL Finvest, Rs 60 crore to Kotak Mahindra Investments, Rs 11 crore to Shine Star, Rs 108 crore to Yes Bank, Rs 72 crore to Bajaj Finance, and Rs 38 each to AK Capital and Indiabulls.