The Blackstone Group Inc.'s proposed acquisition of Coffee Day Enterprises Ltd.'s technology park has hit a roadblock as one of the creditors of the troubled company has yet to approve the deal, Bloomberg News reported, citing people familiar with the matter.
Yes Bank Ltd., a creditor of Coffee Day, has yet to issue a no-objection certificate for the deal due to its concerns over the repayment of loans extended to the company. Coffee Day and one of its units that controls the tech park owes Yes Bank a total of 15 billion rupees.
The unnamed sources said all other creditors have approved the acquisition, the Dec. 10 report added.
As of Dec. 9, US$1 was equivalent to 71.03 rupees.