Amtek Auto gains 4% as it moves closer to pare debt

Shares of Amtek Auto gained nearly 4% on reports the debt-ridden auto-component maker has moved closer to pare its debt burden by the middle of 2017.

Reacting to the news report, the stock of the company rose as much as 3.8% to Rs 34.95 on the BSE.

Nearly 1 lakh shares exchanged hands on the counter on the BSE against two-week average of 2.3 lakh shares. 

AMtek Auto has planned to cut three-fourths of its debt of Rs 13,500 crore by the middle of 2017, reported Business Standard. CLICK HERE FOR THE FULL REPORT 

As much as Rs 10,500 crore is expected to come from the asset sale and an infusion of capital by overseas investors. The creditor banks may convert their loans into equity, it said.