Apollo, Varde cannot bid for Altico Cap

NEW DELHI: Apollo Global Management & Varde The partners are no longer considering bidding for Altico Capital India , according to people familiar with the matter, reducing the number of suitors for the problematic NBFC.

The companies withdrew because they were not willing to meet creditors' demands to inject up to Rs.2 billion ($ 280 million) of fresh capital into Altico, two people said, who asked not to be identified as the information is private.

A spokesman for Apollo confirmed the firm’s withdrawal, while Varde declined make any comment.

That leaves Cerberus Capital Management , SSG Capital Management, & Kotak Investment Advisors in the race for the real estate-focused lender, three people said.

Representatives for Cerberus, SSG & Kotak declined to comment.