Dear Hitesh ji,
I was wondering if you are tracking or if you have a view on Indostar Capital Finance (ICFL).
A lot of drama has unfolded at ICFL in the last couple of months.
First the company admitted process lapses and a deep stress in their loan book…ultimately leading to a big write-off. Then the auditor came out effectively saying that the company has gone to the crapper. Then the management came out saying that they have practically made a fresh start and that happy days are ahead. It sounds like a turnaround story if you go by what the management is saying. The company is backed by a high quality foreign promoter (BCP Capital).
Would you play a story like this? If not, what will be your key reservations?
Many thanks in advance.
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