Coffee Day firm CDTL to sell its equity in Magnasoft for 23.56 crore

Coffee Day Enterprises Ltd. plans to sell its investment in Magnasoft Consulting India Private Ltd. for ₹23.56 crore.

Coffee Day Enterprises Ltd. said, the Coffee Day Trading Ltd. (CDTL), a material subsidiary of the company, has proposed to sell its investment in Magnasoft Consulting India Private Ltd. (MCIPL) for an aggregate consideration of ₹23.56 crore.

According to a regulatory filing made by the company, CDTL’s investment comprises 2,61,85,728 equity shares held in MCIPL, representing 47.49% of the shareholding in the MCIPL. Its equity, at a price of ₹9 per share for an aggregate consideration of ₹23.56 crore, will be sold to Innovic Management services Private Ltd., on mutually agreed upon terms and conditions. However, the sale agreement was yet to be signed, the filing said.