Real estate shadow lender, Altico Capital India’s debt woes have further delayed it restructuring process. As per a sourced report by Bloomberg, Apollo Global Management and Varde Partners are no longer considering bidding for Altico Capital India, narrowing the number of suitors for the troubled NBFC. The reason citied by the firms for pulling out from the bidding process is the unwillingness to meet creditor demands to inject around Rs 20 billion ($280 million) of fresh equity into Altico. The report stated that Apollo was only willing to inject part of the money creditors sought, while Varde wanted to wait for a turnaround in Altico before investing. After their exit, Cerberus Capital Management, SSG Capital Management, and Kotak Investment Advisors are left the in the race for the real-estate focused lender. Real estate has been in a prolonged slump. Hence, the lenders to this sector are ought to deal with highly stressed borrowers. For Altico Capital, troubles started last September when the lender defaulted on interest payments worth Rs 20 crore due on its external commercial borrowings. With high exposure in real estate, by last June Altico had already distributed loans worth Rs 68.9 billion to 34 borrowers. This followed… Read full this story
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