Coffee Day Enterprises Ltd, along with its subsidiary Coffee Day Global Ltd, on Monday announced that Japanese company Impact HD will acquire a 49% stake Coffee Day Consultancy Services Pvt. Ltd for $15 million (about ₹104 crore).
“The company has approved to enter in to the Share Subscription and Shareholders Agreement between Coffee Day Enterprises Limited (CDEL) along with its material subsidiary Coffee Day Global Limited (CDGL) and Coffee Day Consultancy Services Private Limited (CDCSPL) with Impact HD Inc., (IHD) for subscription to equity shares of the CDCSPL by IHD by investing rupee equivalent to $15 million for 49% stake in the CDCSPL,” CDEL said in a regulatory filing with the stock exchange on Monday.
Post subscription of equity shares by Impact HD, CDEL and CDGL will hold 51 % of the paid-up equity capital of CDCSPL.
Coffee Day group will have 51% stake in the joint venture. The joint venture will offer consultancy services in the retail sector, Coffee Day Enterprises said in a filing to the stock exchange on Monday. Additionally, it said that the subsidiary of joint venture company will operate and manage Coffee Day Fresh and Ground business.
Impact HD Inc. is a sales floor support service company and the provides solutions in the field marketing related services.
Source: Mint