Mumbai : Coffee Day Enterprises, Coffee Day Trading and V.G. Siddhartha, a Promoter of the Company, along with certain other parties have signed a definitive agreement to sell their entire stake in Mindtree to Larsen & Toubro for a consideration not exceeding Rs 3,269 crore.
The proceeds would be used to pare down the Coffee Day Group’s debt. This divestment supports the Company’s business strategy to devote more time to its flagship coffee business. The transaction is expected to close in the first quarter of FY 2020.
Coffee Day Enterprises is the parent company of the Coffee Day Group, which houses Cafe Coffee Day that pioneered the coffee culture in the chained cafe segment in India.