JMT Auto hits the roof on change of guard

The announcement was made after market hours on Thursday, 27 June 2013. Shares of Amtek Auto were trading higher by 0.98% at Rs 71.80.

Meanwhile, the S&P BSE Sensex was up 360.95 points, or 1.91%, to 19,236.90.

On BSE, 600 shares were traded in the counter as against an average daily volume of 4,363 shares in the past one quarter.

The stock was currently trading at its 52-week high level. The stock had hit a 52-week low of Rs 44.55 on 28 December 2012.

The stock had outperformed the market over the past one month till 27 June 2013, rising 17.92% compared with the Sensex's 5.77% fall. The scrip had also outperformed the market in past one quarter, rising 22.65% as against Sensex's 0.92% rise.

The small-cap company has an equity capital of Rs 14.40 crore. Face value per share is Rs 10.

On Thursday, 27 June 2013, Amtek Auto executed share purchase agreement (SPA) with the promoters of JMT Auto for acquisition of substantial shares along with complete control and management of the company.

Amtek Auto signed an SPA with promoters of JMT Auto to acquire 38.30 lakh fully paid equity shares of the company.

Amtek Auto also made an open offer to acquire up to 37.42 lakh equity shares, constituting 26% of the fully paid up equity share capital, from public shareholders of the JMT Auto at Rs 149 per share.

The open offer price is at 28.28% premium to JMT Auto's closing price of Rs 116.15 on Thursday, 27 June 2013.

Net profit of JMT Auto rose 28.82% to Rs 7.51 crore on 25.16% decline in net sales to Rs 72.22 crore in Q4 March 2013 over Q4 March 2012.

JMT Auto is one of the leading auto component manufacturers in the Eastern region with manufacturing facilities spread across three locations in India viz., Jamshedpur (Jharkhand), Dharwad (Karnataka), and Lucknow (Uttar Pradesh) and business spread across countries like USA, Belgium, South East Asia, Brazil, Germany, Italy and Mexico.

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