Coffee Day Enterprises Ltd (CDEL) shares were locked in the 5 percent upper circuit, breaking a 7-day losing streak, following two block deals worth Rs 2.26 crore on the National Stock Exchange.
Nearly 3.5 lakh shares were traded at 9.15 am on the NSE after two large deals at Rs 64.10 apiece. As of today, 6.5 lakh shares exchanged hands on the NSE, over twice the three-month daily average of 3.2 lakh shares. As per the NSE website, the stock has only bids and no offers.
Shares of the company, founded by late coffee tycoon VG Siddhartha, rallied on reports of the CDEL putting its Sical Logistics on the block
as it seeks to reduce its debt, according to a Mint report.
CDEL has appointed ICICI Securities as an adviser for the potential transaction, which could see the group holding company raise Rs 1,00-1,500 crore, the report added quoting unnamed sources.
On Saturday, the company appointed IDFC Securities to advise on strategic options including the sale of its holding in Coffee Day Global, the unit that owns India’s largest coffee chain, as well as to advice on refinancing of the group’s debt.
In the last one week, Coffee Day Enterprises shares have corrected almost 14.5 percent, while so far this year the stock has corrected by nearly 77 percent.
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