New Delhi, June 18: The promoters of Bangalore-based Cafe Coffee Day retail chain have decided to offload 15 per cent equity of the company in favour of employees. This will dilute the promoter-family’s stake from 75 per cent to 60 per cent in the retail chain.
The chain is part of the Rs 250-crore privately held coffee conglomerate — Amalgamated Bean Coffee Trading Co Ltd (ABCTCL). At present, 25 per cent equity is held by American Insurance Group (AIG) and the rest is held by the promoter-family headed by V. G. Sidharth.
“The board of the company has already taken the decision and ESOPs will be given soon with retrospective effect from April 1,” said Naresh Malhotra, director, Cafe Coffee Day. The company has 550 employees and ESOPs are being given to those who have spent over a year.