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A joint board meeting of all the companies - Amtek Auto, Metalyst Forgings, Castex Technologies and ARGL - was subsequently held where the approval of individual board was adopted.
The joint board further approved the proposal relating to infusion of fresh capital by new investors, restructuring and reduction of debt subject to the approval of lenders.
It also approved the process of monetization to support the restructuring and debt reduction of the company, subject to regulatory approval.
Among the individual stocks, Amtek Auto (Rs 42.85) and Metalyst Forgings (Rs 73.85) were up 7% each, while Castex Technologies up 8% at Rs 10.38 on the BSE. At 03:00 pm; the S&P BSE Sensex was up 1% or 271 points at 26,665.