Amtek Auto rallies 5% after Board meet

India Infoline News Service | Mumbai | November 30, 2016 16:06 IST

"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.

Amtek
Amtek Auto Ltd ended at Rs 42.05, up by Rs 1.95 or 4.86% from its previous closing of Rs 40.1 on the BSE. 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.

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

The scrip opened at Rs 40.7 and touched a high and low of Rs 44 and Rs 40.6 respectively. A total of 8252829 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 901.27 crore.

The BSE group 'A' stock of face value Rs 2 touched a 52 week high of Rs 56.2 on 26-Jul-2016 and a 52 week low of Rs 26.05 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 41.85 and Rs 32.4 respectively.

The promoters holding in the company stood at 47.42 % while Institutions and Non-Institutions held 13.75 % and 38.83 % respectively.

The stock traded below its 100 DMA.

***Note: This is a NSE Chart

 

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