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Coffee Day Enterprises sells tech park to Blackstone for Rs 2700 crore, says report

Coffee Day Enterprises sells tech park to Blackstone for Rs 2700 crore, says report

Coffee Day Enterprises sells tech park to Blackstone for Rs 2700 crore, says report
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By CNBC-TV18 Sept 17, 2019 1:01:41 PM IST (Published)

The Coffee Day Enterprises Ltd approved selling Global Village Tech Park of its subsidiary Tanglin Developments Ltd in Bengaluru to the US-based private equity firm Blackstone in August.

US-based private equity firm Blackstone along with Salarpuria Sattva has finalised a  Rs 2,700 crore deal for CCD tech park, reported The Times of India. The deal, the report said, will help CCD tech park’s parent company Coffee Day Enterprises to cut down its financial debt by more than 50 percent.

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The transaction will involve an initial payment of Rs 2,000 crore in the coming weeks followed by the payment of the remaining amount within a year, a source was quoted as saying in the report.
The Coffee Day Enterprises approved the sale of Global Village Tech Park of its subsidiary Tanglin Developments in Bengaluru to the US-based private equity firm Blackstone in August. The decision had come a month after Coffee Day founder VG Siddhartha committed suicide due to financial troubles.
"The Board of Directors approved the disinvestment of Global Village Tech Park in its subsidiary, Tanglin Developments Ltd, in favour of Blackstone for a transaction value of Rs 2,600-3,000 crore," the company had stated in a regulatory filing on the BSE last month.
The New York-headquartered Blackstone specialises in private equity, credit and hedge fund investment strategies.
(With IANS inputs)
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