Shares of Coffee Day Enterprises hit upper circuit on Monday after the group issued clarifications on the debt position and approved the sale of Global Village Tech Park to Blackstone.
Intraday, Coffee Day's shares gained 4.94 percent to Rs 65.80 per share on the NSE.
In a BSE filing, the company said, "We have already announced the divestment of Global Village Tech Park held by its subsidiary Tanglin Developments for an aggregate consideration of Rs 2,600-3,000 crore."
It further said that on receipt of the consideration of the sale of Global Village, the debt position of the Coffee Day Group will reduce around by Rs 2,400 crore.
The debt position of Coffee Day Group (excluding Sical and Magnasoft) post repayment of debt out of proceeds from the sale of Global Village is expected to be around Rs 1,000 crore in the next 45 days.
The company is expected to have a comfortable position to service the reduced debt obligations, added the company's press release.
The firm requested all the lenders and creditors to give sufficient time to honour the commitments and to unlock the true potential value of all the assets.
Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions.