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Amtek Auto trades jubilantly on appointing Morgan Stanley as advisors for debt reduction plan

03 Nov 2015 Evaluate

Amtek Auto is currently trading at Rs. 41.80, up by 3.10 points or 8.01% from its previous closing of Rs. 38.70 on the BSE.

The scrip opened at Rs. 40.65 and has touched a high and low of Rs. 43.85 and Rs. 40.00 respectively. So far 912464 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 231.25 on 13-Nov-2014 and a 52 week low of Rs. 25.60 on 04-Sep-2015.

Last one week high and low of the scrip stood at Rs. 43.35 and Rs. 38.05 respectively. The current market cap of the company is Rs. 913.63 crore.

The promoters holding in the company stood at 49.99% while Institutions and Non-Institutions held 20.93% and 29.08% respectively.

Amtek Auto has appointed Morgan Stanley as advisors to assist in the group’s debt reduction plan. The various options include a minority stake-sale of up to 25-40% in its overseas business.

During the process the company has received a large number of enquires for the outright purchase of a couple of the company’s overseas businesses which include for instance Tekfor group. The interest for this has come from trade players and financial players around the globe. These businesses are located in a much coveted market attracting premium valuations in the global markets.

Amtek Auto manufactures components such as connecting rod assemblies, flywheel ring gears and assembly, steering knuckles, suspension and steering srms, CV joints, crankshaft assemblies and torque links. It is backed by in-house design and development facilities engaged in developing new product and processes.

 

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