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Coffee Day shares plunges 65%; Blackstone likely to buy company’s tech park
Business

Coffee Day shares plunges 65%; Blackstone likely to buy company’s tech park

Agency News

Share price of Coffee Day Enterprises have tumbled by 65.4 percent for the last two weeks after the sudden death of founder VG Siddhartha on July 29.

The share price of Coffee Day Enterprises has fallen regularly from Rs.154, during the death of VG Siddhartha, to Rs.65.25 on Wednesday. The market capitalization of the company fell from around Rs 7,000 crore from the peak levels to Rs 1,399 crore.

The takeover rumour on Coffee Day’s Global Village Tech Park by Blackstone for a whopping Rs.3,000 Cr did not reflect on the share price of the company.

The tech park, Global Village, is a 4 million sq ft office space located on a 120 acre campus. As now only 45 acres of the land is being used and the Global Village has a potential to add another 5-6 million sq ft more. This deal will help reduce the Rs.6,547 Crore debt of the company after the suicide of founder VG Siddhartha last month.