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Altico Capital defaults on interest obligation to Mashreqbank

Updated : September 13, 2019 12:07 PM IST

According to a regulatory filing, the NBFC has defaulted on the gross principal amount of Rs 340 crore. The interest payment comes to Rs 19.97 crore.
The company's total borrowings from banks or financial institutions stood at Rs 4,361.55 crore as on September 12.
The development comes just a day after a report surfaced that said the company's Chairman Naina Lal Kidwai is understood to have stepped down.

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