Amtek Auto secures Rs 1,800 crore loan; stock up 15%
KKR will provide Amtek Global Technologies, 235 million euro (Rs 1,800 crore) of long-term, flexible financing.
 "Amtek Auto secures Rs 1,800 crore loan; stock up 15%")
Amtek Auto has soared 15% to Rs 188 on NSE on reports that the company’s international business arm, Amtek Global Technologies, has secured a long-term loan of 235 million euro (over Rs 1,800 crore) from global investment firm Kohlberg Kravis Roberts (KKR), to replace its existing short- term loan.
As part of the definitive agreement inked between the two firms, KKR will provide Amtek Global Technologies, 235 million euro of long-term, flexible financing to replace its existing bridge loan and consolidate all of the company's existing debt, the PTI report suggests.
"This facility will also act as a catalyst to help integrate Amtek Auto's existing international operations under the Singapore headquartered AGT," the companies said in a joint statement.
The stock opened at Rs 175 and hit a high of Rs 190 on NSE. The counter has seen huge trading volumes with a combined 3.58 million shares changed hands till 1016 hours against an average sub one million shares that were traded daily in past two weeks on NSE and BSE.
As part of the definitive agreement inked between the two firms, KKR will provide Amtek Global Technologies, 235 million euro of long-term, flexible financing to replace its existing bridge loan and consolidate all of the company's existing debt, the PTI report suggests.
"This facility will also act as a catalyst to help integrate Amtek Auto's existing international operations under the Singapore headquartered AGT," the companies said in a joint statement.
The stock opened at Rs 175 and hit a high of Rs 190 on NSE. The counter has seen huge trading volumes with a combined 3.58 million shares changed hands till 1016 hours against an average sub one million shares that were traded daily in past two weeks on NSE and BSE.