 "The deal could provide relief to Coffee Day Enterprises by reducing its overall debt, which stood at Rs 4,970 crore")
Coffee Day Enterprises (CDEL) on Thursday said it has entered into a definitive agreement to sell its brokerage business ‘Way2Wealth Securities’ to Shriram Ownership Trust.
Shriram Ownership Trust is the promoter of Shriram Capital, which is the holding company for its non-banking financial company (NBFC) and insurance businesses.
“The transaction will help in further deleveraging the Coffee Day Group and ensure smooth operations while safeguarding the interests of all stakeholders,” said the company in an exchange filing.
Though the Bengaluru-headquartered firm didn’t reveal the enterprise value of ‘Way2Wealth Securities’, sources in the know said that the deal could be somewhere around Rs 200
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