Introduction
The shares of Cafe Coffee Day Enterprises are witnessing a tremendous boom. After 2 consecutive days of minor decline, the stock is once again stuck in the upper circuit today. Shares of Cafe Coffee Day Enterprises were trading at Rs 51.30, up 20 percent in yesterday’s trading session. Shares of the company closed at Rs 43 in Tuesday’s trading session with a steep decline.
CCD Share Price
Actually, Cafe Coffee Day Global Limited and IndusInd Bank have entered into an agreement. Therefore, once again confidence has been awakened among investors in the stock market. Today Thursday September 14, 2023 Shares of Cafe Coffee Day Enterprises Company are trading at Rs 53.50 with an increase of 4.59 percent.
CDGL and IndusInd Bank Agreement
Coffee Day Global Limited and their lender IndusInd Bank have entered into an agreement. Pursuant to this agreement, the National Company Law Appellate Tribunal i.e. NCLAT has ordered to quash the ongoing insolvency proceedings against Cafe Coffee Day Enterprises. Cafe Coffee Day Enterprises is a company that primarily operates a coffee chain cafe called Cafe Coffee Day. Counsel for CDGL and IndusInd Bank on Wednesday sought an update on the settlement reached between them before the Chennai bench of NCLAT.
Suspension of bankruptcy proceedings
On 11 August 2023, NCLAT issued an interim order staying the ongoing insolvency proceedings against CDGL Company. The order of the NCLT was challenged before the Appellate Tribunal by Malvika Hegde, director of CDGL and wife of late VG Siddharth.
Briefly about the company
CDGL Company operates 469 cafes across 154 cities across India. In February 2019, CDGL had taken a short-term loan of Rs 115 crore. According to the annual report of Coffee Day Enterprises Limited, the parent company of CDGL, 469 cafes are operated by CDGL company in various 154 cities in India. Along with this the company is also operating 268 CCD Value Express kiosks in various cities. 48,788 vending machines are placed by the company in these kiosks which sell branded coffee in corporate offices and hotels.
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