Coffee Day Enterprises Ltd (CDEL) has put puts its Sical Logistics unit on sale in a bid to trim losses, Mint reported.
ICICI Securities has been hired as the adviser for a potential sale and the transaction could raise between Rs 1,000 and Rs 1,500 crore for CDEL, the company founded by the late coffee entrepreneur VG Siddhartha.
“CDEL is planning to sell the entire promoter stake and assets of Sical Logistics," Mint quoted one person aware of the matter as saying.
“CDEL’s debt at the consolidated level is around Rs 4,400 crore. The sale of the Global Village Tech Park will bring down this debt to around Rs 2,000 crore, while a part of the proceeds from this sale will go to CDEL’s books towards working capital requirements," the person told Mint.
First Published: Sept 9, 2019 8:37 AM IST
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