Blackstone Group along with Salapuria Sattva Group has signed a definitive agreement to purchase the Global Village TechPark of debt-laden Coffee Day Enterprises’ subsidiary Tanglin Development Ltd at an enterprise value of Rs 2,700 crore.
“The board has approved and the company has executed the definitive agreements with entities belonging to Blackstone Group and the Salarpuria Sattva Group for investment in GV Techparks Private Ltd, a wholly-owned subsidiary of Tanglin Development Ltd (“TDL”). The completion of the transaction is dependent on the transfer of Global Village TechPark asset from TDL to GV Techpark Private Ltd,” Coffee Day Enterprises said in a statement.
It said that the transaction will substantially bring down the debt level of the group which was Rs 4,970 crore as on August 17, 2019.
The company said the first tranche of the transaction would be complete on or before October 31, 2019, and the enterprise value of Rs 2,700 crore is subject to transaction closing adjustments.