Coffee Day Enterprises unit Sical Logistics to raise Rs 100 cr

Coffee Day Enterprises, which runs coffee chain under brand Cafe Coffee Day, today said its subsidiary Sical Logistics plans to raise Rs 100 crore through issuance of non convertible debentures (NCDs) on private placement basis.
"The company's subsidiary Sical Logistics Ltd at their Board meeting have approved the proposal to raise a fund of Rs 100 crore by way of issue of secured non convertible debentures on private placement basis," Coffee Day Enterprises said in a BSE filing.
The company said it will utilise the proceeds of funds raised for redemption of an existing NCDs of Kotak Mahindra Bank.
"Kotak Mahindra Bank, the present holders of 12.75 per cent secured non convertible debentures of Rs 100 crore issued by our subsidiary company in 2013 through the IDBI Trusteeship communicated their decision for an early redemption to fully redeem the debentures on or before August 31," it said.

It further said: "The subsidiary company shall utilise the proceeds received out of the fresh issue for redemption of the existing NCDs before the stipulated time".