Coffee Day Enterprises or CCD as is more popularly recognized, has been hitting the 5% UC almost every single day. Today too, it hit the 5% UC at Rs.76.35, clocking good volumes of over 1.5 times. It remains firmly in the green.
The stock price is reacting positively to the news that it is selling Global Village Techparks, a wholly owned subsidiary of Tanglin Development to Blackstone Group and the Salarpuria Sattva Group.
The acquisition is to be executed at an enterprise value of Rs.2700 crore in two tranches – first tranche is expected to be completed before 31st Oct in which Rs.2000 crore will be received by CCD and second tranche, balance Rs.700 crore will come in though deadline for this is not mentioned.
This transaction will substantially bring down the debt level of the group which was earlier disclosed on August 17, 20 19 as Rs. 4, 970 crore.