New Delhi, Jul 15 (PTI) Coffee Day Enterprises Ltd Interim Chief Operating Officer Nithin Bagamane has resigned from the company citing personal reasons.

Bagamane was appointed as Interim Chief Operating Officer and member of the Executive Committee of the Coffee Day Enterprises Ltd (CDEL) last year in July after the demise of its promotor V G Siddhartha.

Also Read | After Bryce Dallas Howard, Viola Davis Calls Out Their Oscar-Nominated Movie The Help, Says 'Part of Me Feels Like I Betrayed My People'.

"Due to personal reasons, Nithin Bagamane might not be able to devote his full-time and service to the company, and hence served his resignation as Interim Chief Operating Officer,” CDEL said in a regulatory filing on Tuesday.

His resignation is effective from July 14, 2020. 

Also Read | Samsung Galaxy M31s Smartphone Likely to Be Launched in India This Month.

"However, Nithin Bagamane will continue as a member of Executive Committee and help the company,” it added.

According to CDEL, Bagamane was entrusted with the limited task of divesting the real estate subsidiary, Global Village and Tanglin Development, to Blackstone Group. 

“CDEL has completed the sale and has received Rs 2,000 crore as the first tranche from the acquirer,” the company said.

In March, CDEL had announced to repay Rs 1,644 crore to its 13 lenders after concluding a deal with Blackstone Group to sell its technology business park, the company said on Friday.

The company has been paring debt through the sale of non-core assets after the death of its promoter V G Siddhartha.

Earlier, the group had sold its entire stake in the IT firm Mindtree Ltd to Larsen & Toubro Limited for a consideration not exceeding Rs 3,269 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)