Amtek Auto zooms 20% as Bharat Forge participates in acquisition process

Shares of Amtek Group companies – Amtek Auto, Metalyst Forgings and Castex Technologies – have locked in their respective upper limit of circuit breaker on the BSE after Bharat Forge said that it has participated in the process of acquiring Amtek Auto.

Ametk Auto was locked in upper circuit of 20% at Rs 29.70 on the BSE with only buyers seeing on the counter. Till 01:52 PM; a combined 12.63 million shares changed hands and there were pending buy orders for 4.88 million shares on the NSE and BSE.

Metalyst Forgings too was frozen in 20% upper circuit at Rs 36.30, while Castex Technologies was up 10% at Rs 5.59 on the BSE.

“We would like to clarify that, from time to time, the company explores various opportunities on an ongoing basis. As regards Amtek Auto, there is currently a process being run under the National Company Law Tribunal (NCLT), in which Bharat Forge has also participated in the process of acquiring Amtek Auto, along with other potential bidders,” Bharat Forge said on clarification on news report that 'Bharat Forge interested in acquiring Amtek Auto'.

We will inform the stock exchanges, media and shareholders, if and when, any such decision(s) are reached, it added.

Bharat Forge was up 1.5% at Rs 706, after hitting a record high of Rs 722 on the BSE in intra-day trade.