After the demise of Siddhartha, market participants and lenders were worried over the high debt level of the group and its ability to service its obligations.
However, the company has taken several deleveraging measures to reduce its overall debt level. As part of this initiative, CDEL has entered into a definitive agreement with Blackstone and Salarpuria Sattva Group last month to sell the 'Global Village Tech Park' for Rs 2,700 crore. Similarly, the company had roped in IDFC Securities as a consultant to advise the company on refinancing existing debt and repaying of current debt.
Another group company, Sical Logistics has appointed ICICI Securities for finding out various deleveraging options. Apart from all these measures, CDEL has also appealed its creditors and lenders to provide sufficient time for honouring its repayment obligations. The debt level of the group stood at Rs 4,970 crore at the end of July, 2019.