At mercy of banks, India's cash-tight shadow lenders face new turmoil
All major lenders have stopped lending to NBFCs due to concerns about their financial health.
It’s SSG vs Cerberus as Altico takeover reaches last lap
SSG’s final offer after multiple revisions is an upfront cash payment of Rs 2,700 cr...
Altico's 3 bidders revise their offers yet again
The three submitted their latest offers on Friday after lenders had met last Monday to consi...
Cerberus revises offer for Altico to counter SSG bid
The revised terms, submitted on Friday, include upfront payment of ₹2,500 crore to lenders.
Altico and Mashreq approach RBI against HDFC Bank
Altico Capital had early last month said it defaulted on an interest payment to Mashreq Bank.
Altico lenders extend deadline, seek revised bids
Lenders could not come to any conclusion among themselves after SSG Capital and the Clearwater-led management submitted separate bids.
It’s one step forward, one back for troubled Indian shadow banks
Shadow lender woes have made it harder for policy makers to prop up the economy, which grew at its weakest pace since 2009. The slowdown hurts borrowers’ ability to repay debt, and has prompted the central bank to predict that an improvement in banks’ bad-loan ratios will reverse. In a sign that creditors remain jittery, borrowing costs rose.
Altico crisis: HDFC Bank's Aditya Puri defends en-cashing FD
Altico, which owes over Rs 4,500 crore to the system, had defaulted on an interest payment of around Rs 20 crore earlier this month to an ECB raised through the UAE lender Masherq Bank.
Kotak Investment unlikely to bid for Altico Capital
Altico is one of the latest caught up in the nation’s shadow banking crisis that started in 2018.
SBI chief slams 'selfish' private sector bank for Altico crisis
The default by Altico has resulted in concerns over the wider implications.
Altico default sends mutual funds, banks scurrying for cover
UTI MF and Reliance Nippon AMC segregated co’s papers to protect NAVs of debt schemes.
Rescuers sought for shadow bank Altico as crisis deepens
Alitco’s bad loans spiked to 23.8 per cent of its loan book in the July-September quarter.
Hong Kong-based SSG trumps Cerberus to bag Altico after revised offer
SSG’s final offer after multiple revisions is an upfront cash payment of Rs 2,700 crore and a one year employment guarantee for the management team. Altico owes about Rs 4,000 crore to State Bank of India, Deutsche Bank, Bank of Baroda, Yes Bank, Union Bank, Mashreq Bank and IFC, besides NBFCs and mutual funds including Aditya Birla Finance, Bajaj Finance and L&T Finance.
View: Grab what you can in India’s bad loan melee
As everyone from the govt sleuths to the courts are joining the melee, the chaos will hurt recovery.
Apollo, Varde pull out of race for shadow bank Altico
Apollo Global and Varde Partners LP are no longer considering bidding for Altico Capital India Ltd., according to people familiar with the matter, narrowing the number of suitors for the troubled shadow lender. A spokesman for Apollo confirmed its withdrawal while Varde declined to comment.