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Report: India's Altico Capital may sell assets in resolution plan

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Report: India's Altico Capital may sell assets in resolution plan

Troubled real estate-focused nonbank finance company Altico Capital India Ltd. may sell some of its biggest loan assets to bring in at least 20 billion Indian rupees, The Economic Times reported Oct. 14, citing two people aware of these plans.

Altico may also offer to bring in equity from a new set of investors. Altico is likely to present the asset sale and the equity proposal to its lenders this week as part of a resolution plan.

Altico had defaulted on interest payments in September. It has total outstanding debt of about 43.62 billion rupees, according to the report.

The asset sales could involve some of the company's biggest loan assets, which include upscale mixed-use projects. Altico is likely to tell its lenders that the orderly unwinding of its assets could help banks recover their advances in full.

Altico did not respond to the publication's inquiries.

As of Oct. 14, US$1 was equivalent to 71.25 Indian rupees.