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    Coffee Day Enterprises hits 5% upper circuit on sale of brokerage business

    Coffee Day Enterprises hits 5% upper circuit on sale of brokerage business

    Coffee Day Enterprises hits 5% upper circuit on sale of brokerage business
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    By Ankit Gohel   IST (Published)

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    In a regulatory filing on Thursday, Coffee Day Enterprises said that it has entered into the definitive agreement to sell Way2Wealth Securities Pvt Ltd including its certain subsidiaries to Shriram Ownership Trust.

    Shares of Coffee Day Enterprises were locked at an upper circuit of 5 percent on Friday after the company signed an agreement to sell brokerage services arm Way2Wealth.
    At 11:04 am, Coffee Day Enterprises was trading 4.97 percent higher at Rs 33.80 per share.
    In a regulatory filing on Thursday, Coffee Day Enterprises said that it has entered into the definitive agreement to sell Way2Wealth Securities Pvt Ltd including its certain subsidiaries to Shriram Ownership Trust.
    “The transaction shall help in further deleveraging the Coffee Day Group and ensure smooth operations while safeguarding the interests of all stakeholders, including investors, lenders, employees and customers,” the company statement said.
    Shriram Ownership Trust is the promoter of Shriram Capital Ltd, which is the holding company for their large NBFC and insurance businesses.
    The acquisition, however, will be subject to the closing conditions and requires statutory approvals, the company added.
    In September 2019, the company decided to sell its Global Village Tech Park to private equity major Blackstone and realty firm Salarpuria Sattva Group for Rs 2,700 crore in a move to reduce its debt.
     
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