Amtek Auto shares surged over 12 per cent in the early trade on Monday after the company informed BSE that it is considering various means to de-leverage the balance sheet. (Express Photo)
Amtek Auto shares surged over 12 per cent in the early trade on Monday after the company informed BSE that it is considering various means to de-leverage the balance sheet.
At 9.42 am, shares of Amtek Auto were trading 12.10 per cent higher at Rs 52.35. It opened at Rs 46.70 and had touched a high and low of Rs 57.90 and Rs 44.75, respectively. Sensex was down 0.19 per cent at 25,561.91.
According to reports, Amtek Auto plans to raise about Rs 6,500 crore by selling assets. The proceeds will go towards reducing the company’s debt of about Rs 15,000 crore. The company has agreed to sell some surplus industrial estates in India that are not being used. Second, it is looking to sell non-core assets and businesses, mainly in India. The company is also in talks to sell a minority stake in its foreign business.
In a BSE filing, the company said, “As of date the company is considering various means to de-leverage the balance sheet including selling of non-core business, minority stake in overseas companies and some industrial real estate assets within the business. However, as on date, no negotiations are carried on. If any positive developments takes place, the same will be intimated to the exchange as per the requirement of the listing agreement.
On Friday, the share price of the company jumped 75 per cent intraday and closed 53.62 per cent higher at Rs 46.70.
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