Coffee Day Enterprise subsidiary ‘Sical Logistics’ to raise Rs. 100 crore

, 3:35 PM IST

New Delhi : Coffee Day Enterprises, which runs coffee chain under brand Cafe Coffee Day, has announced plans to raise Rs. 100 crore through issuance of non convertible debentures (NCDs) on private placement basis for its subsidiary Sical Logistics.

In a BSE filing today, Coffee Day Enterprises subsidiary Sical Logistics stated an approved proposal to raise fund of Rs. 100 crore by way of issue of secured non-convertible debentures on private placement basis.

The company said it will utilize the proceeds of funds raised for redemption of an existing NCDs of Kotak Mahindra Bank.

“Kotak Mahindra Bank is the present holder of 12.75 percent secured non convertible debentures of Rs. 100 crore, which is issued by our subsidiary company in 2013 through the IDBI Trusteeship,” it said.

It further said that the subsidiary company shall utilize the proceeds received out of the fresh issue for redemption of the existing NCDs before the stipulated time.

The shares of Coffee Day Enterprises closed at Rs. 255.40, down Rs. 1.6, or 0.62 percent, on June 10.

The 52-week high of the share was Rs. 328.00 and the 52-week low was Rs. 219.40. (ANI)