If the deal goes through, it may threaten promoter Subhash Chandra’s control over the company he founded.
Altico’s troubles started when it missed an interest payment to Dubai-based Mashreq Bank on 12 September.
Two of its existing shareholders, General Atlantic and Carlyle, will also infuse funds into the mortgage lender.
To pare debt, the promoters are also exploring the possibility of inducting an investor in holding company Coffee Day Enterprises.
The fundraising plans failed to garner sufficient interest from potential lenders.
Munjal has been discussing the potential investment over the last few months with Arun Sarin as well as the senior management of Ola Electric.
The debt in question is around $289.8m and is over and above the consolidated borrowings of CCD group.
Globally, it has taken a number of companies public - Uber, Guardant, and Slack to name a few.
Proceeds from the transactions will be used to reduce promoter debt.
It will only consider pithead plants for acquisition, that is plants located near coal mines with assured coal supplies.
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