Coffee Day interim COO Nithin Bagamane resigns citing personal reasons

Coffee Day Enterprises Ltd Interim Chief Operating Officer Nithin Bagamane has resigned from the company citing personal reasons.

Bagamane was appointed as Interim Chief Operating Officer and member of the Executive Committee of the Coffee Day Enterprises Ltd (CDEL) last year in July after the demise of its promotor V G Siddhartha.

"Due to personal reasons, Nithin Bagamane might not be able to devote his full-time and service to the company, and hence served his resignation as Interim Chief Operating Officer, CDEL said in a regulatory filing on Tuesday.

His resignation is effective from July 14, 2020.

"However, Nithin Bagamane will continue as a member of Executive Committee and help the company, it added.

According to CDEL, Bagamane was entrusted with the limited task of divesting the real estate subsidiary, Global Village and Tanglin Development, to Blackstone Group.

CDEL has completed the sale and has received Rs 2,000 crore as the first tranche from the acquirer, the company said.

In March, CDEL had announced to repay Rs 1,644 crore to its 13 lenders after concluding a deal with Blackstone Group to sell its technology business park, the company said on Friday.

The company has been paring debt through the sale of non-core assets after the death of its promoter V G Siddhartha.

Earlier, the group had sold its entire stake in the IT firm Mindtree Ltd to Larsen & Toubro Limited for a consideration not exceeding Rs 3,269 crore.