 "Apollo, Varde pull out of race to buy troubled Altico Capital India")
Apollo Global Management and Varde Partners are no longer considering bidding for Altico Capital India, according to people familiar with the matter, narrowing the number of suitors for the troubled shadow lender.
The firms pulled out because they were unwilling to meet creditor demands to inject as much as Rs 200 crore ($280 million) of fresh equity into Altico, two people said, asking not to be identified as the information is private.
A spokesman for Apollo confirmed its withdrawal while Varde declined to comment.
That leaves Cerberus Capital Management, SSG Capital Management, and Kotak Investment Advisors in
The firms pulled out because they were unwilling to meet creditor demands to inject as much as Rs 200 crore ($280 million) of fresh equity into Altico, two people said, asking not to be identified as the information is private.
A spokesman for Apollo confirmed its withdrawal while Varde declined to comment.
That leaves Cerberus Capital Management, SSG Capital Management, and Kotak Investment Advisors in
