Indiaherald Group of Publishers P LIMITED

X
close save
crop image
x
Mon, Sep 23, 2019 | Last Updated 2:21 pm IST

Menu &Sections

Search

Global Village Tech Park sold to US firm Blackstone by Coffee Day

Global Village Tech Park sold to US firm Blackstone by Coffee Day
Global Village Tech Park sold to US firm Blackstone by Coffee Day
http://apherald-nkywabj.stackpathdns.com/images/appleiconAPH72x72.png apherald.com

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.

Global Village Tech Park sold to US firm Blackstone by Coffee Day

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.


Global Village Tech Park sold to US firm Blackstone by Coffee Day
5/ 5 - (1 votes)
Add To Favourite
More from author
Petrol price hiked by 27 paise to Rs 73.62 a litre in Delhi
At Howdy Modi Event Modi called US President Trump his true friend
Is Online Movie ticket sales banned in Telangana?
Learn from Harsha Thachery, Founder and CEO Masalabox
Will traffic fines be reduced in Kerala?
Are you shifting to Vegan diets, chances of Brain Nutrient Deficiency?
Nitin Gadkari claimed benefits of demonetization will be seen in long term
Will AP former CM CBNs house be demolished within 7 days?
Doing Yoga enhances your beauty
Next Moon Mission by ISRO by 2020
Reducing Belly fat through these Foods
GST rate cut for auto sector from 28 to 18%
Why Imran Khan reached US in Saudi Prince's Special aircraft?
Facts unknown to people about Tirumala Tirupathi
Leading player in the battle of Mobile payments is Google
This Telangana Man drowned in stream while taking TikTok Video
US President Trump to deliver 30 minutes speech at Houston
Apply for Senior Clerk's & OS posts in Indian Railways
Why Hollywood superstar Brad Pitt enquired NASA about Chandrayaan 2?
Mexico downgraded to a tropical storm & regained hurricane strength
Indian origin boy with rare medical condition to sing National Anthem at Howdy Modi
Sunil Gavaskar on MS Dhoni gloves controversy
Striking similarity between accession of Texas to US & Jammu and Kashmir's merger with India
About the author

Nanotechnology Degree Holder. Movie Geek. Crazy about comics and cartoons. Hardcore Cricket Lover. Photoshop Professional