SSG Capital emerges as top bidder for Altico Capital
Hong Kong-based asset management company SSG Capital, which specialises in distressed assets, has emerged as the highest bidder for troubled real estate lender Altico Capital.
SSG is understood to have offered Rs 2,750 crore up front and an additional Rs 350 crore in the form of security receipts, which give the holder a stake in the funds recovered. Altico Capital has liabilities of Rs 4,300 crore and the bid will result in a substantial recovery for lenders including SBI, Bank of Baroda and Yes Bank.
Shadow bank Altico Capital is inching toward the final stage of a debt-restructuring plan that has been keenly watched as the country grapples with a crisis in the industry. Besides SSG, another hedge fund Cerberus Capital had bid for Altico.