Sical Logistics hits 5% upper circuit on reports Coffee Day may sell stake

After its founder VG Siddhartha's death in July, promoters of the coffee chain have been exploring possibilities of inducting an investor in the debt-laden company.

Shares of Sical Logistics were locked in the upper circuit band of 5 per cent at Rs 27.05 apiece, after reports said the parent firm Coffee Day Enterprises (CDEL) has decided to sell entire stake in the company to pare company's debts.

"Coffee Day Enterprises has hired ICICI Securities as adviser for the potential transaction, which could see the group holding company raise Rs 1,000-1,500 crore," business dailyMint reported, quoting unnamed sources. 

“CDEL’s debt at the consolidated level is around Rs 4,400 crore. The sale of the Global Village Tech Park will bring down this debt to around Rs 2,000