Amtek Auto Buzzes Despite Being Debt Ridden

Amtek Auto was the buzzing stock during the morning hours on Wednesday. It is trading higher by 9.96% at Rs 28.15 per share. The stock has gained on media reports that big players are planning to buy stakes in the company.

There are around 21 investors willing to buy stakes in the debt-ridden Amtek Auto. These investors include Bain Capital, TPG Capital, DA Capital and Piramal Enterprises, reported national news agency.

Company’s promoters have stake sale as one of the options to get rid of their huge Rs 13,000 crore debt. The company’s founder Arvind Dham and his family hold 52.4% stake in the company.

Meanwhile, the major indices on the Indian bourses, Nifty and Sensex were trading in negative territory in the morning hours on Wednesday. Nifty was down by 30 points while Sensex was down by 45 points mainly on the back of MSCI’s decision to include some large cap Chinese stocks in its flagship emerging market index.

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About Suhani Varma

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