According to sources Coffee Day Enterprises Ltd on Wednesday approved selling Global Village Tech Park of its subsidiary Tanglin Developments Ltd in Bengaluru to the US based private equity firm Blackstone for Rs 2,600-3,000 crore over the next 30-45 days. “The Board of Directors approved the disinvestment of Global Village Tech Park in its subsidiary, Tanglin Developments Ltd, in favor of Blackstone for a transaction value of Rs 2,600-3,000 crore,” said the city based company in a regulatory filing on the BSE.
The decision comes a fortnight after the company’s founder-chairman V.S. siddhartha was found dead on July 31 in a river near Mangaluru on the state’s west coast. “Parleys with Blackstone were underway by siddharth since January when he was looking at selling his or the holding company’s equity stake to raise funds for pairing high-cost debts,” a source told. The New York headquartered Blackstone specializes in private equity, credit and hedge fund investment strategies.
“The transaction is subject to completion of Blackstone’s due diligence, documentation and receipt of regulatory approvals in the next 30-45 days,” added the filing. The board also approved disinvesting in its step-down arm AlphaGrep Securities Ltd to Illuminati Software Ltd for Rs 28 crore and the 9 year-old delhi-based IT firm is involved in data processing.
Kashmiri Pandit Community met PM Modi at Houston Sources from Houston stated that delegation of the Kashmiri Pandit community met Prime Minister Narendra Modi in Houston, and “unequivocally supported” the revocation of Jammu and Kashmir’s special status and it being made part of the rest of the country. Atlanta’s Subash Razdan was part of the delegation.
- Why Hollywood superstar Brad Pitt enquired NASA about Chandrayaan 2?
- Trump joins Modi at Houston, a message to the world
- Social Media identify to be provided to Green Card or US Citizenship applicants
- Visitors from NASA to visit ISRO
- These 2 Sisters did Arangetram for charity
- Kamala Harris apologized for laughing at the remark made on Trump
- Watch Chandrayaan-2 landing on September 6 at 1.30 a.m.-2.30 a.m in National Geographic
- Indian American to Federal Judgeship nominated by Trump
- Pramila Jayapal becoming first South Asian American woman to preside over US House of Representatives
- Modi feels Kashmir is under control: Trump
- South Asian Spelling Bee contest won by Indian American teens
- Global Village Tech Park sold to US firm Blackstone by Coffee Day
- EC calls NRIs to register online to boost numbers of voters being put in place for either proxy voting
- Air India (AI) announced its inaugural passenger flight between New Delhi and San Francisco
- UN Secretary General Antonio Guterres came out against changing status of J&K and Pakistan