Amtek Auto shares spike over 17% on reports of asset sale expansion
Shares of Amtek Auto spiked over 17 per cent in trade on Tuesday following news reports the auto component maker has expanded its planned asset sale.
- Jul 26, 2016,
- Updated Jul 26, 2016 4:20 PM IST
Shares of Amtek Auto spiked over 17 per cent in trade on Tuesday following news reports the auto component maker has expanded its planned asset sale to include additional overseas businesses as it looks to ease mounting debt burden on its balance sheet.
The stock hit an intraday high of Rs 56.20, up 17.08 per cent on the BSE, but setlled the day 7.50 per cent higher.
"Amtek recently appointed Rothschild & Co to advise on the potential sale of all overseas operations including those in the UK, US, Mexico, China as well as Germany," said Bloomberg citing sources.
The New Delhi-based company has been seeking bidders for its German unit Amtek Tekfor Holding GmbH since last year.
Shares of Amtek Auto spiked over 17 per cent in trade on Tuesday following news reports the auto component maker has expanded its planned asset sale to include additional overseas businesses as it looks to ease mounting debt burden on its balance sheet.
The stock hit an intraday high of Rs 56.20, up 17.08 per cent on the BSE, but setlled the day 7.50 per cent higher.
"Amtek recently appointed Rothschild & Co to advise on the potential sale of all overseas operations including those in the UK, US, Mexico, China as well as Germany," said Bloomberg citing sources.
The New Delhi-based company has been seeking bidders for its German unit Amtek Tekfor Holding GmbH since last year.