"The Board of Directors today approved the disinvestment of Global Village Tech Park in its subsidiary Tanglin Developments in favour of Blackstone," CDEL said in a statement.
The board has also approved disinvestment in its step-down subsidiary AlphaGrep Securities part of its wealth management subsidiary Way2Weath in favour of Illuminati Software for about Rs 28 crore.
"These transactions will significantly help in deleveraging the Coffee Day Group, and ensure smooth operations while safeguarding the interests of all stakeholders, including investors, lenders, employees and customers," it said.
CDEL founder and owner V G Siddhartha's body was found on July 31 after a search operation was launched near Mangaluru in Karnataka. In a letter written by the enterprising coffee baron, he apologised for letting down people and cited pressure from private equity investors and harassment by tax authorities.