Another report says total borrowings of Coffee Day were Rs 6,547.38 crore as of March 2019, up 64 per cent from the previous year.
While losses are common in the private equity space, all the investors in Coffee Day are sitting on at least 20 per cent profit.Chennai: After Café Coffee Day owner V G Siddhartha went missing on Monday evening, the shares of Coffee Day Enterprises and Sical Logistics owned by him hit the 20 per cent lower circuit on Tuesday. They can sell their shares in the open market and why should they pressurise on buying back?” asked a PE industry observer.Siddhartha had used a major part of the Rs 3,269 crore proceeds from the sale of 20 per cent of his shares and Coffee Days stake in Mindtree to pare the debts.Shares of Coffee Day Enterprises fell 20 per cent to hit a low of Rs 154.05 on BSE and Sical Logistic too fell 20 per cent to Rs 72. Coffee Day shares have been on a slide since the Mindtree stake sale.
“Tremendous pressure from other lenders lead me succumbing to the situation,’ the letter said. “There was a lot of harassment from the previous DG Income Tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking position of our Coffee Day shares, although the revised returns have been filed by us.67 per cent by June-end.
There has been a lack of clarity as to how much debt does Coffee Day and Sical have in their books.61 per cent and Affirma about 5.99 crore in the corresponding quarter a year ago.07 per cent stake in Coffee Day, Rivendell 10. “When he clearly mentions the IT official, why did not he mention the name of the private equity firm. Further, this is a listed entity. One report says that as of March 2019, Coffee Day has a net debt of Rs 4,068.5 per cent Mindtree stake to cover any tax liabilities prior to stake sale to LT. Year to date, it has fallen 45 per cent while Sical declined 51 per cent.80 a share..15 crore from Rs 27.
For the quarter ended December 2018, Coffee Days consolidated revenue stood at Rs 996. Income Tax department had attached 4. As the company is in a quiet period, officials declined to comment.08 crore and Sical Logistic has a net debt of Rs 1,052. This was very unfair and led to a serious liquidity crunch,” the letter said.He also accused former Director General of Income Tax department of harassment. He had partially completed the transaction six months ago by borrowing a large sum of money from a friend.Coffee Day is backed by private equity firms KKR, Rivendell PE (formerly New Silk Route) and Affirma Capital, which manages the portfolio of Standard Chartered PE.Many are questioning the veracity of the letter.A letter purportedly written by Siddhartha, before he went missing, was found in Bengaluru and addressed to the board of directors and CCD family said that he was pressured by a private equity investor to buy-back shares. KKR owned a 6.51 crore, while its Iro weft feeder suppliers net profit had jumped to Rs 73.In the letter, Siddhartha says he failed to create a right profitable business model
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