U.S.-based Apollo Global Management Inc. proposed investing in troubled lender Altico Capital India Ltd. for up to US$150 million, Mint reported Oct. 3, citing two people familar with the discussions.
The investment fund manager approached lenders of Altico for a potential acquisition of company shares worth about US$100 million to US$150 million. Apollo Global also asked the lenders to provide Altico US$250 million in debt financing to grow its loan books.
The talks are in the early stages, and the lenders are open to meeting other investors, one of the sources said.
Apollo Global and a spokesperson for Altico declined to comment on the report, Mint noted.
Altico's total outstanding debt from 27 lenders is worth around 43.62 billion Indian rupees, according to the report.
As of Oct. 3, US$1 is equivalent to 71.06 Indian rupees.
