Mint reported on 12 March. SSG Capital had offered ₹2,750 crore upfront for the non-banking financial company (NBFC), but planned to sell its loans and close it down later.
The other contender, private equity firm Cerberus Capital, had offered ₹2,500 crore upfront, security receipts (SRs) of ₹400 crore redeemable in three years and ₹1,000 crore as equity infusion.SSG Capital held a call with the Altico Capital management team earlier this week, according to the other person cited above.
From the discussions on the call, it has emerged that the deal is on track and lawyers will soon prepare the document for a change of control at the NBFC, the second person said.“The company will send the document to RBI by next week for its approval.