Trading in Coffee Day shares to resume from April 26
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Last Updated: Apr 18, 2021, 09:22 AM IST
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Earlier, trading in CDEL shares was suspended by the bourses for not complying with listing norms pertaining to submission of quarterly financial results.
Earlier, CDEL had reported a default on the payment of interest/repayment of the principal amount for loans.
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NEW DELHI: Debt-ridden Coffee Day Enterprises Ltd (CDEL) on Saturday said trading 0in its shares would be resumed at BSE and NSE from April 26. Revocation of suspension of trading in the equity shares of CDEL has been done by NSE and BSE vide their letter dated 16th April 2021. The trading in the securities of the company will be resumed from 26th April 2021,” CDEL, which runs Cafe Coffee Day chain, said in a BSE filing.
Debt-ridden Coffee Day Enterprises Ltd (CDEL) on Saturday said trading 0in its shares would be resumed at BSE and NSE from April 26. Revocation of suspension of trading in the equity shares of CDEL has been done by NSE and BSE vide their letter dated 16th April 2021. The trading in the securities of the company will be resumed from 26th April 2021, CDEL, which runs Cafe Coffee Day chain, said in a BSE filing. Earlier, trading in CDEL shares was suspended by the bourses for not complying with listing norms pertaining to submission of quarterly financial results. The exchanges had on January 13 said CDEL has not submitted the financial results for June 2019 and September 2019 quarters and/or not paid the fine amount levied for the non-compliance, as required under the listing norms of Securities and Exchange Board of India (Sebi).
April 15, 2021
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Initially stuck on a valuation issue, the deal had earlier received no-objection certificates from most of the CDGL’s lenders.
The Tata Group, which was in the advanced stages of talks to acquire Cafe Coffee Day’s (CCD) vending machine business for at least ₹1,000 crore, has put the deal on the back-burner following the latter heading for bankruptcy.
A Tata Group firm, Tata Consumer Products, was in talks to acquire the CCD’s coffee vending business, held through a subsidiary Coffee Day Global Ltd (CGDL).
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“The deal was in the final legs, permissions from CDGL’s lenders were also obtained. However, it has been put on hold as CCD lenders are believed to be moving National Company Law Tribunal under Insolvency and Bankruptcy Code, which would completely complicate the takeover plans. In case of a bankruptcy filing, the deal would have to be re-worked all-over again,” a source close to the development said.
Read more about Behind the bankruptcy story of Cafe Coffee Day: The news and what s next on Business Standard. In this podcast, we discuss why Coffee Day Enterprises is in news again? What are the chances of banks recovering their money? And what can we expect next? Listen in
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