Amtek Group shares hit 52-week low

Amtek Auto, Metalyst Forgings and Castex Technologies were down upto 20% in intra-day trade.

Last Updated : Jun 19 2017 | 10:28 AM IST

Shares of Amtek Group companies such as Amtek Auto, Metalyst Forgings and Castex Technologies hit their respective 52-week lows on the BSE in an otherwise firm market.

All these stocks were trading lower in the range of 5% to 20% in intrad-day trade on the BSE, as compared to 0.41% rise in the S&P BSE Sensex.

Amtek Auto has tanked 20% to Rs 23.50 in intra-day trade, extending its Friday’s 12% decline on BSE. Metalyst Forgings slipped 16% to Rs 35.75, after its previous day’s 13% fall on the BSE.

Debt-ridden auto component firm Amtek Auto has plans to issue 26.83 million shares to a lender as part of restructuring debt worth Rs 95.26 crore. The auto component firm will allot shares to Assets Care and Reconstruction Enterprise -- an unsecured lender of the company at price of Rs 35.50 per share.

The company plans to seek shareholders' nod for the proposal during the upcoming Extraordinary General Meeting (EGM) on July 7, Amtek Auto said in a regulatory filing.

"The proposed allotment of shares is part of the restructuring of loan of the proposed allottee, which would result in substantial reduction of loan of the proposed allottee, strengthening of the financial position and increase in net worth of the company," Amtek Auto said.

Metalyst Forgings too seek shareholders' nod for the proposal during the upcoming EGM on July 7.

Metalyst Forgings plans to issue 2.3 million shares to a lender as part of restructuring debt worth Rs 13.87 crore. The auto component firm will allot shares to Assets Care and Reconstruction Enterprise- an unsecured lender of the company at price of Rs 59.10 per share.