Amtek Group shares gain amid talk of stake sale buzz

Amtek Auto, Castex Technologies and Metalyst Forgings were up in the range of 10% to 20%.

Shares of Amtek Group companies Amtek Auto, Castex Technologies and Metalyst Forgings have hit their respective maximum upper limit of the day, after media report suggested that Bain Capital, TPG Capital, DA Capital, and Piramal Enterprises are in the fray to buy a stake in the debt-ridden Amtek Auto.

Castex Technologies has locked in upper circuit of 20% at Rs 8, while Amtek Auto (Rs 28.15) and Metalyst Forgings (Rs 41.50) were frozen upper limit of 10% on BSE, with no sellers were seen on these counters.

“The Delhi-headquartered automobile component maker has received expressions of interest (EoIs) from 21 investors, including asset reconstruction companies,” the Business Standard report suggests. CLICK HERE TO READ FULL REPORT.

Meanwhile, Amtek Auto and Metalyst Forgings have called extra ordinary general body meetings (EGM) on July 7, to take shareholders nod for allotment of equity shares to M/s Assets Care & Reconstruction Enterprise, an Asset Reconstruction Company on preferential basis upon conversion of their loan into equity as per the terms of restructuring of outstanding loan of the proposed allottee.

	Price on BSE in Rs			52-week low
COMPANY	LATEST	PREV CLOSE	GAIN(%)	Price	Date	% chg*
Castex Tech	8.00	6.67	19.94	5.25	19/06/2017	52.4
Amtek Auto	28.15	25.60	9.96	21.15	20/06/2017	33.1
Metalyst Forg.	41.50	37.75	9.93	32.5	20/06/2017	27.7
*% change over 52-week low