Coffee Day Enterprises' total default at Rs 440.25 crore in Apr-Jun quarter

Coffee Day Enterprises Ltd (CDEL) on Tuesday reported a total default of Rs 440.25 crore in the quarter ended on June 30, 2023.

Its "total financial indebtedness of listed entity including short term and long term debt" is Rs 465.25 crore, the company stated in a regulatory filing to bourses.   

According to CDEL, its total outstanding amount is Rs 220.48 crore from loans or revolving facilities like cash credit from banks or financial institutions.

Of this, CDEL defaulted on Rs 189.70 crore as well as an interest payment of Rs 5.78 crore as of date.

The company's total outstanding from unlisted debt securities such as NCDs and NCRPS is Rs 244.77 crore. Of this, the total amount of default as of date is Rs 200 crore along with an interest of Rs 44.77 crore, CDEL said.

The company is trying to pair its debts through asset resolutions and has significantly scaled it down from the time when the trouble started after the death of founder Chairman V G Siddhartha in July 2019.

In March 2020, CDEL announced repaying Rs 1,644 crore to 13 lenders after concluding a deal with Blackstone Group to sell its technology business park.

Earlier this year, capital markets regulator SEBI had also levied a penalty of Rs 26 crore on CDEL for failing to stop the diversion of Rs 3,535 crore from the company's subsidiaries.

CDEL is trying to recover the amount legally from Mysore Amalgamated Coffee Estates Ltd (MACEL).