Coffee Day subsidiary Sical Logistics to raise Rs 100 cr

CHENNAI: Coffee Day Enterprises, which runs café chain under the brand Cafe Coffee Day, on Saturday announced that its subsidiary Sical Logistics would raise Rs 100 crore through 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,” the statement said in a BSE filing.
The company added that it will utilise the funds raised for redemption of an existing NCD 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.