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Altico defaults on interest payment, raises concern

image Foreign private equity-backed Altico Capital, an NBFC with more than Rs.4,000 crores of outstanding loans, has missed interest payments raising the spectre of another round of mark down of asset value by lenders and further restricting funding for the industry.

The non-banking finance company missed interest payment of Rs 19.97 crore on an overseas loans taken from Dubai-based Mashreq Bank, it said in a notification to BSE. The bank lent Rs 340 crore loan with six-year maturity. The lat ...............ET