Coffee Day hits new high, Malavika Hegde, wife of late V.G. Siddhartha appointed as new CEO

Coffee Day Enterprises jumped to a high of 5% at Rs 26.05 after the company appointed Malavika Hegde as the chief executive officer (CEO) of the company.

Malvika Hegde is the wife of late V.G. Siddhartha who reportedly committed suicide last year in July and was the founder of Coffee Day Global and Amalgamated Bean Coffee Trading Co.

The company has also appointed C.H. Vasudhara Devi, Giri Devanur and Mohan Raghavendra Kondi as additional directors in the capacity of non-executive independent directors from 31 December 2020 up till 30 December 2025 subject to the approval of shareholders. The announcement was made after market hours on 7 December 2020.

The scrip has reached 85.40% from its 52-week low of Rs 14.05 as on 8 June 2020.

Coffee Day Enterprises sells coffee beans and provides hospitality services. The firm’s segments include coffee and related business, leasing of commercial office space, hospitality services, financial services, integrated multi-modal logistics and others.

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