The firms invested in the 16 billion rupee ($221 million) issuance from
Kesoram Industries Ltd. through various vehicles, according to an exchange filing Tuesday. The Indian cement manufacturer defaulted on its debt last year and is working to restructure repayments.
The investments reflect growing interest in Indian distressed assets. Global heavyweights such as Apollo Global Management Inc. and Oaktree Capital Group have either struck deals or scaled up their local teams in recent years to bet on businesses struggling to stay afloat in the nation, which has a worsening pile of bad loans.
Kolkata-based Kesoram, whose history dates back over 100 years, this month allotted equity shares and preference securities to 10 creditors as part of its plan to restructure debt. Funds from the bond sale will be used in part to repay existing loans and overdue liabilities.
Goldman, Cerberus, Edelweiss buy rare Indian junk bond offering 21%
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Goldman, Cerberus Buy Rare Indian Junk Bond Offering 21%
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