Bengaluru, Sep 17 (IANS): The board of Coffee Day Enterprises (CDE) on Tuesday approved selling Global Village Tech Park of its subsidiary Tanglin Developments Ltd (TDL) in the city to the US-based private equity firm Blackstone and Salarpuria Sattva Group for Rs 2,700 crore.

"The completion of the transaction is dependent on the asset transfer to GV Tech Park from TDL. The transaction is at an enterprise value of Rs 2,700 crore," said the city-based company in a regulatory filing on the BSE.

The approval came six weeks after company's founder-chairman V.S. Siddhartha was found dead on July 31 on a river bank near Mangaluru on the state's west coast.

The New York headquartered Blackstone specialises in private equity, credit and hedge fund investment strategies.

"Parleys with Blackstone were started by Siddhartha in January when he was looking at selling his or the holding company's equity stake to raise funds for paring high-cost debts," a source told IANS earlier.

"The sell will reduce the group's debt from Rs 4,970 crore," said Company Secretary Sadananda Poojary in the filing.

The sold assets revenue was Rs 152.85 crore, aggregating to 3.52 per cent of the group's consolidated turnover in FY19. The transaction is expected to complete by October 31.