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Key agenda at today’s critical Altico meet: Find ways to keep fund flow intact and monetise assets

As Altico’s main shareholders and lenders meet for the first time since the default two weeks ago, the new management has its task cut out: retain lenders’ confidence and prevent exits in a rush. Some blue-chip investors’ interest in the company presents a glimmer of hope.
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nsundareshasubramanian
26 Sep 2019 4 Mins Read 1 comments
(From left) Sheikh Hamed bin Zayed Al Nahyan, managing director, ADIA; Sanjeev Agrawal, COO, Altico Capital; and Rajnish Kumar, chairman, SBI; courtesy of Getty Images and BCCL
(From left) Sheikh Hamed bin Zayed Al Nahyan, managing director, ADIA; Sanjeev Agrawal, COO, Altico Capital; and Rajnish Kumar, chairman, SBI; courtesy of Getty Images and BCCL
Troubled real-estate lender Altico Capital is looking at a two-pronged resolution strategy to deal with its liquidity crisis. As a medium-term plan, the company is looking at a substantial stake sale, bringing in equity investors who can steady the ship. To tide over short-term concerns, it is also talking to select lenders who are evaluating individual assets up for monetisation.
taking the regulator into confidence, sources say. Since Altico needs about INR15 crore to manage its monthly overheads, its cash-flow position seems to be comfortable only till the end of September. A steering committee is likely to formed, but the steering can happen only if and when Altico manages to avoid a stampede. ( Graphics by Sadhana Saxena)
Troubled real-estate lender Altico Capital is looking at a two-pronged resolution strategy to deal with its liquidity crisis. As a medium-term plan, the company is looking at a substantial stake sale, bringing in equity investors who can steady the ship. To tide over short-term concerns, it is also talking to select lenders who are evaluating individual assets up for monetisation. taking the regulator into confidence, sources say. Since Altico needs about INR15 crore to manage its monthly overheads, its cash-flow position seems to be comfortable only till the end of September. A steering committee is likely to formed, but the steering can happen only if and when Altico manages to avoid a stampede. ( Graphics by Sadhana Saxena)

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