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SSG Capital bid for Altico cleared by lenders

Updated : March 17, 2020 08:55 PM IST

SSG Capital has offered Rs 2,754 crore as an upfront cash payment to the lenders and another Rs 354 crore in the form of security receipts, a senior banker leading the discussions told CNBC-TV18.
Banks have also separately recovered another Rs 200 crore in the past few months from Altico, and also clawed back bonuses given to its former chief executive officer.
Cerberus has offered Rs 2,600 crore as upfront cash, Rs 450 crore of security receipts and thereafter another Rs 1,000 crore equity infusion after the takeover, said people familiar with the plan.

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