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Coffee Day hits the roof after roping in IDFC Securities to identify strategic options

Capital Market 

Coffee Day Enterprises hit an upper circuit limit of 5% at Rs 63.95 after the company announced appointment of IDFC Securities as an advisor to identify strategic options and advise it on refinancing of existing debt.

Coffee Day Enterprises (CDEL) in its meeting of the executive committee has appointed IDFC Securities as the advisor of company and its subsidiaries for identifying the strategic options for CDEL, including divestment of its holding in Coffee Day Global and any other group company (other than SICAL Logistics). It will also advise on refinancing of existing debt and raising additional facilities to repay debt in CDEL and its subsidiaries. The announcement was made on Saturday, 7 September 2019.

Shares of Coffee Day Enterprises (CDEL) plunged 30.02% in the past seven trading sessions to settle at Rs 60.95 on Friday, 6 September 2019, from its close of Rs 87.10 on 27 August 2019.

On BSE, 16,000 shares were traded in Coffee Day Enterprises counter, compared to a 2-week average of 2.96 lakh shares. The stock hit an intraday high and low of Rs 63.95.

It hit a 52-week high of Rs 325 on 21 September 2018 and a 52-week low of Rs 60.95 on 6 September 2019.

Coffee Day Enterprises sells coffee beans and provides hospitality services. The firm's segments include coffee and related business, leasing of commercial office space, hospitality services, financial services, integrated multimodal logistics and others.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, September 09 2019. 12:14 IST