Promoters might lose control of Amtek Auto

Planned stake sale might turn investors a majority shareholder

The control and management of debt-ridden automobile component maker Amtek Auto might slip out of the hands of its current promoters as they seek large investments in the company to bring down debt. 

Amtek founder Arvind Dham and his family own a 52.4 per cent stake in the company, saddled with a debt of over Rs 13,000 crore. 

The company’s board in a meeting on Tuesday re-affirmed the process of seeking substantial investments through issuing shares, the extent of which might result in a change in “control and management” of the company, it told the stock exchanges. The process will be supervised