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Both the firms pull out because they were unwilling to meet creditor demands to inject as much as Rs 2,000 crore of fresh equity into Altico.
Spreads on top-rated corporate bonds have dropped back near where they were when the IL&FS crisis began in September last year.
Opportunistic behaviour will worsen India’s Rs 14 lakh crore bad loan crisis & limit the recovery for lenders and threaten depositors.
Defaults at DHFL, Cox & Kings and Altico Capital have occurred even as their long-term ratings indicated very low to moderate risk of non-payment.
Altico Capital, which focuses on lending to the real estate sector, didn’t pay Rs 199.7 lakh crore of interest on borrowings from a UAE bank.