Coffee Day Enterprises Ltd (CDEL) reported on Tuesday a total default of INR 440.25 crore in the quarter ended on June 30, 2023. According to a regulatory filing to bourses, the company stated that its “total financial indebtedness of listed entity including short term and long term debt” is INR 465.25 crore.
According to CDEL, its total outstanding amount is INR 220.48 crore from loans or revolving facilities like cash credit from banks or financial institutions.
As of now, CDEL has defaulted on a sum of INR 189.70 crore and an additional interest payment of INR 5.78 crore.
CDEL has stated that its total outstanding amount from unlisted debt securities, including NCDs (Non-Convertible Debentures) and NCRPS (Non-Convertible Redeemable Preference Shares), is INR 244.77 crore. As of the present date, the company has defaulted on a total of INR 200 crore, in addition to an interest payment of INR 44.77 crore.
The company has been actively working towards resolving its debts by implementing asset resolutions, which has led to a substantial reduction in its outstanding liabilities. This effort to address the debt situation began following the unfortunate demise of founder Chairman V G Siddhartha in July 2019.
In March 2020, CDEL made an announcement regarding the repayment of INR 1,644 crore to 13 lenders. This repayment was made possible through a deal concluded with the Blackstone Group, involving the sale of its technology business park.
At the beginning of this year, CDEL faced a penalty of INR 26 crore imposed by SEBI, the capital markets regulator. The penalty was levied due to CDEL’s failure to prevent the diversion of INR 3,535 crore from its subsidiaries.
CDEL is currently engaged in legal efforts to recover the amount from Mysore Amalgamated Coffee Estates Ltd (MACEL).
