The participation of Coffee Day promoters falls from 17% to 17%
BENGALURU: the participation of Coffee day The group of business promoters dropped sharply from 54% in July 2019 to 17%, as the lenders have invoked committed actions, a presentation before the BSE at the end of last week shows.
IDBI Bank has invoked and transferred promised shares at regular intervals since July last year. Yes, the Bank has also invoked shares. The actions were invoked from the promoter's accounts. VG Siddhartha , and the promoter group, including Siddhartha's wife Malavika Hegde, Coffee day Consolidations, Devadarshini Info, Gonibenu Coffee Estates and Sivan Securities.
The presentation showed that an additional 12.6% of the shares is taxed with the lenders, leaving the promoter group with only 5.1% of the shares without encumbrances.
Coffee day Enterprises' share price has plummeted since Siddhartha's suicide in July. On Friday, the scrip closed at Rs 39.4 on the BSE , down from about Rs 200 in July. The company's net debt, as on March 31, 2019, stood at Rs 4,796 crore.