CCD founder VG Siddhartha missing: No exposure to Coffee Day Enterprises; Rs 152 cr loan to global unit, says Karnataka Bank

  • This is to clarify that our bank does not have any exposure to Coffee Day Enterprises Ltd, an entity listed on BSE and National Stock Exchange of India Ltd, Karnataka Bank said in a regulatory filing

  • However, Coffee Day Global, one of the unlisted group companies (erstwhile Amalgamated Bean Coffee, a customer of the bank since 1996) is enjoying credit facilities with the present outstanding of Rs 152.48 crore, it added

  • The loan to the global unit constitutes 0.29 percent of total advances of the bank

New Delhi: Karnataka Bank on Tuesday said it has no exposure to Coffee Day Enterprises, though the company's global unit has an outstanding loan of Rs 152 crore.

"This is to clarify that our bank does not have any exposure to Coffee Day Enterprises Ltd, an entity listed on BSE and National Stock Exchange of India Ltd," Karnataka Bank said in a regulatory filing.

 CCD founder VG Siddhartha missing: No exposure to Coffee Day Enterprises; Rs 152 cr loan to global unit, says Karnataka Bank

V G Siddhartha, Chairman and Managing Director, Coffee Day Enterprises. Pic Courtesy: coffeeday.com

"However, Coffee Day Global, one of the unlisted group companies (erstwhile Amalgamated Bean Coffee, a customer of the bank since 1996) is enjoying credit facilities with the present outstanding of Rs 152.48 crore," it added.

The loan to the global unit constitutes 0.29 percent of total advances of the bank.

The above facilities are fully secured by collaterals of properties besides primary securities and all the loan accounts are regular as on date, the bank said.

Indian cafe chain Coffee Day Enterprises has come under the spotlight due to the sudden disappearance of its founder VG Siddhartha since Monday evening.

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"VG Siddhartha, Chairman and Managing Director of Coffee Day Enterprises is not reachable since yesterday evening. We are taking the help of concerned authorities," Coffee Day Enterprises said in a regulatory filing Tuesday.

The company is professionally managed and led by a competent leadership team, which will ensure continuity of business, the filing said.

Reports of the company's chairman going missing took a beating on the stock, pulling it down 20 percent to settle at Rs 154.05 on BSE.

Updated Date: Jul 30, 2019 19:58:15 IST