Moneycontrol
Nov 30, 2016 03:07 PM IST | Source: Moneycontrol.com

Amtek Auto up 10% on board nod for capital infusion, debt rejig

Amtek Auto shares jumped nearly 10 percent after the board of directors approved the proposal of fresh capital infusion and restructuring of debt.

 
 
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Moneycontrol Bureau


Amtek Auto shares jumped nearly 10 percent after the board of directors approved the proposal of fresh capital infusion and restructuring of debt.


"In a joint board meeting of Amtek Auto, Metalyst Forgings, ARGL and Castex Technologies, members approved the proposal relating to infusion of fresh capital by new investor(s) and restructuring & reduction of debt subject to the approval of lenders," the company said in its filing.


The proposal for the process of monetisation to support the restructuring and debt reduction of the company also approved, it said.


These proposals are subject to the approval of shareholders, lenders and concerned authority.

At 14:50 hours IST, the stock was quoting at Rs 43.05, up Rs 2.95, or 7.36 percent on the BSE.

Posted by Sunil Shankar Matkar

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