Hedge fund revises bid for Indian shadow lender to skirt RBI delay

Revamp follows delays in regulatory approval for deal; reworked deal focuses on purchase of assets from lender

Ares Management Corp.-backed hedge fund SSG Capital Management has revised the structure of its bid for an Indian shadow lender to help sidestep delays in regulatory approval.

SSG tweaked its 27.5 billion rupee ($374 million) cash bid for Altico Capital India Ltd. to focus on buying the assets of the lender, rather than the firm itself, according to people familiar with the matter.

The cash consideration remains unchanged, the people said.

The move by the Hong Kong-based hedge fund underscores the complexities of business in India, where deals can languish for months amid rules and regulatory approvals. Altico has been