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 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.