Debt to fall to Rs 1,000 crore post sale of B'luru tech park: Coffee Day Enterprises

New Delhi: Cafe chain operator Coffee Day Enterprises on Saturday said its total debt is expected to reduce to around Rs 1,000 crore after adjusting the proceeds from sale of its Global Village Tech Park in Bengaluru to Blackstone.

"The company has already announced the divestment of Global Village Tech Park held by its subsidiary Tanglin Developments Ltd for an aggregate consideration of Rs 2,600-3,000 crore. On receipt of the consideration for the sale of Global Village after payment of required Statutory payments, the debt position of Coffee Day Group will reduce around by Rs 2,400 crore," Coffee Day Enterprises said in a regulatory filing.

The debt position of Coffee Day Group post repayment of debt out of proceeds from sale of Global Village is expected to be around Rs 1,000 crore in the next 45 days, it added.

As per the filing, total debt of Coffee Day Enterprises as on July 31, 2019 was Rs 3,472 crore. The company said its arm Sical Logistics has also been working on divestment of certain assets.

"The proceeds from the divestment is expected to significantly reduce the

debt in Sical," Coffee Day Enterprises added. Total debt of Sical Logistics is Rs 1,488 crore, it added.