Coffee Day executes share purchase agreement with Shriram Credit involving sale of Way2Wealth Securities and its subsidiaries

The transaction involved consideration of Rs65.07cr.

Nov 20, 2020 04:11 IST India Infoline News Service

Coffee Day Enterprises (CCD) on Friday said that the company has executed the share purchase agreement with Shriram Credit Company (an affiliate of Shriram Ownership Trust) on November 19, which involved the sale of Way2Wealth Securities and subsidiaries.

CCD said, "Sale of the Company's shareholding of 32.73% and Tanglin Development Limited's shareholding of 52.80% in Way2Wealth Securities Private Limited (aggregating to 85.53% of the shareholding in Way2Wealth Securities Private Limited), and consequently, interest in identified subsidiaries of Way2Wealth Securities Private Limited, viz. Way2Wealth Brokers Private Limited, Way2Wealth Insurance Brokers Private Limited, and Way2Wealth Commodities Private Limited."

The transaction involved consideration of Rs65.07cr. CCD said, a portion of the consideration is subject to receipt of receivables, and a portion of the consideration shall be withheld and released subject to conditions agreed upon in the share purchase agreement.

Related Story