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Coffee Day to sell Way2Wealth Securities to Shriram Ownership Trust
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Friday, 24 January, 2020, 15 : 00 PM [IST]
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Our Bureau, Bengaluru
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Coffee Day Group has entered into a definitive agreement to sell Way2Wealth Securities, including its subsidiaries to Shriram Ownership Trust.
In its communication to the Indian bourses, Coffee Day Group stated that Shriram Ownership Trust was the promoter of Shriram Capital, which is the holding company for their large NBFC (non-banking financial companies) and insurance businesses.
“Further, the acquisition will be subject to the closing conditions and required statutory approvals. The transaction should help in further deleveraging the Coffee Day Group, and ensure smooth operations, while safeguarding the interests of all stakeholders, including investors, lenders, employees and customers,” stated the note.
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