Apollo Global Management and Värde Partners Inc. have shelved plans to bid for real estate-focused nonbank finance company Altico Capital India Ltd., Bloomberg News reported, citing people with knowledge of the matter.

Apollo and Varde decided not to go ahead with a bid for Altico because they are not willing to meet creditor demands to invest up to 20 billion Indian rupees of fresh equity into the company, two people told the news outlet.

Current suitors for Altico include Cerberus Capital Management LP, SSG Capital Management Ltd. and Kotak Investment Advisors Ltd., Bloomberg added, citing three people, adding that the deadline to submit a bid is Jan. 15.

The troubled nonbank lender is reportedly looking for fresh capital to stay afloat. Altico Capital had repayment liabilities of about 8 billion rupees until December 2019, while its total outstanding debt stood at roughly 43.62 billion rupees, The Economic Times reported in October.

A spokesperson for Apollo confirmed the withdrawal, while Varde, Cerberus, SSG and Kotak declined to comment on the matter, according to the news outlet.

As of Dec. 31, 2019, US$1 was equivalent to 71.17 Indian rupees.