Cerberus revises bid for Altico to beat off rival suitor SSG Capital
Summary
Previously, Alticos existing shareholder Clearwater Capital Partners had proposed staggered payment over 5.75 years with the first tranche being Rs 630 crore in 2020-21 and maintaining control of the non-banking financial company. Other entities previously in the fray included Kotak Investment Advisors Ltd, Apollo Global Management LLC and Varde Partners LP. In September last year, amid the non-banking financial company liquidity crisis, Mumbai-based Altico failed to make an interest payment of Rs 19.97 crore to the United Arab Emirates-based Mashreqbank PSC. Over the past year or so, SSG Capital has bid for several assets including bankrupt power firm RattanIndia and two distressed units of Uttam Galva. Earlier this year, New York-listed Ares Management Corp announced its acquisition plans for an undisclosed sum to get a controlling stake in SSG Capital Holdings Ltd as part of a strategy to expand in Asia.
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