Apollo Global Management LLC and Varde Partners LP are no longer considering bidding for Altico Capital India Ltd., according to people familiar with the matter, narrowing the number of suitors for the troubled shadow lender. A spokesman for Apollo confirmed its withdrawal while Varde declined to comment. That leaves Cerberus Capital Management LP, SSG Capital Management, and Kotak Investment Advisors Ltd. in the race for the real-estate focused lender, three people said. Representatives for Cerberus, SSG and Kotak declined to comment. Apollo was only willing to inject part of the money creditors sought, while Varde wanted to wait for a turnaround in Altico before investing, two people said.

Source: Mint January 01, 2020 11:03 UTC