E-PaperAltico News
SSG Capital changes tack on Altico deal, will retain staff
Employees have written to the Reserve Bank of India (RBI) after SSG Capital said it will retain jobs, saying that they have no problem with the deal, contrary to their earlier letter in March
2 min read18 Jun 2020SSG Capital changes tack on Altico deal, to now retain all employees
Altico Capital had voted in favour of the resolution plan proposed by SSG Capital which offered ₹2,750 crore upfront for the NBFC but planned to sell off its loans and close it down eventually
2 min read18 Jun 2020Altico Capital lenders choose SSG Capital’s resolution plan
SSG Capital has offered ₹2,750 crore upfront for Altico Capital, but plans to sell off its loans and close it down laterAltico Capital defaulted on interest payment to Dubai-based Mashreqbank PSC in September, amid tight liquidity in India’s credit market
1 min read12 Mar 2020Altico Capital lenders caught between saving jobs and better recovery
Higher offer effectively winds up troubled firm, while the lower one saves jobs and ensures continuitySSG Capital offered ₹2,750 cr upfront for Altico, but plans to sell off its loans and close it down later
2 min read2 Mar 2020Deutsche Bank doubles down on Indian NBFC Altico’s debt
Deutsche Bank has almost doubled the debt it holds of Altico Capital India to ₹300 crore ($42 mn) in the last four monthsSingapore-based Broad Peak has acquired debt of about ₹100 crore
1 min read23 Jan 2020Altico NPAs swell nearly 40% of total credit in Dec, lenders trying to cut debt
Altico’s soured debt was provisionally estimated at close to 40% of total credit end-Dec, up from 23.8% in SeptCreditors have asked each other to bid for an asset swap that would make real estate firms, until now funded by Altico, liable to directly repay the debt
1 min read20 Jan 2020Altico lenders may buy ₹1,600 cr builder loans, adjust against future repayments
For real-estate focused NBFC Altico, approval of such a plan can lead to improvement in its repayment capacityBanks are wary of this plan because of the presence of unutilized credit limits extended by Altico Capital to these builders
2 min read15 Jan 2020Kotak halts bid for Altico Capital
Cerberus Capital and SSG Capital are now competing with an Altico shareholder-sponsored group to take over the shadow lender after two other firms pulled out.
1 min read7 Jan 2020Rescuers seek binding bids for Altico Capital by mid-January as crisis deepens
The shadow bank started defaulting on its interest repayments in SeptemberAlitco’s bad loans spiked to 23.8% of its loan book in the July-September quarter, adding to concerns of recovery for the lenders
1 min read23 Dec 2019Deals Buzz: Government to sell BPCL in mega push for privatization
In other news, media baron Subhash Chandra’s cash-strapped Essel Group is set to see its stake plunge to around 5% in Zee Entertainment Enterprises Ltd
8 min read21 Nov 2019Popular Topics
Budget
The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared