MUMBAI: Coffee Day Enterprises Ltd (CDEL) has approved the disinvestment of Global Village Tech Park in its subsidiary, Tanglin Developments Ltd, in favour of Blackstone and in its step-down subsidiary, AlphaGrep Securities Pvt Ltd in favour of Illuminati Software Pvt Ltd following a board meeting today.

The transaction valuation for Global Village Tech Park is about Rs 2,600-3,000 crore and the company has entered into a non-binding letter of intent.

It said in a letter, “The transaction closure is subject to completion of Blackstone's due diligence, documentation and receipt of requisite regulatory approvals, which is expected in the next 30-45 days. Board takes the opportunity to thank Blackstone for their professional and transparent approach and quick turnaround time displayed under adverse market conditions.”

The transaction value for AlphaGrep Securities Pvt Ltd is for an approximate amount of Rs 28 crore.

The letter read, “The above-mentioned transactions will significantly help in deleveraging the Coffee Day Group, and ensure smooth operations while safeguarding the interests of all stakeholders, including investors, lenders, employees and customers.”