BENGALURU: Four private holding companies of VG Siddhartha , which held over 17% stake in Coffee Day Enterprises, had an additional debt of Rs 3,537 crore, of which over Rs 2,500 crore was borrowed since 2017, analysis of the index of charges data on the ministry of corporate affairs website shows.These entities — Devadarshini Info Technologies, Gonibedu Coffee Estates, Coffee Day Consolidations and Sivan Securities — were the personal holding companies of Siddhartha and he had pledged most of his shares in these companies.This debt of Rs 3,537 crore is over the Rs 6,547 crore Coffee Day Enterprises had, underlining that he was grappling with total loans of over Rs 10,000 crore. About 76% of the 54% stake held by the promoter group in Coffee Day Enterprises is pledged, according to stock exchange filings at the end of June 2019.This additional debt had put more pressure on VG Siddhartha, who was already dealing with significant spike in short term debt at Coffee Day Enterprises of nearly five times to Rs 3,890 crore between FY18 and FY19.Founders tracking the developments said that over leveraging and cross-subsidisation of businesses can cause governance issues, and founders need to be careful.“Indian entrepreneurs are very keen to hold a lot of stake in the company unlike in global markets where founders let go and bring in more equity partners,” said G S K Velu, serial entrepreneur and MD Trivitron Healthcare Group. “Here entrepreneurs take too much debt on board and that is the first choice of funding.”