Amtek Auto Gains 19% After Subsidiary secures Rs 1,800 Crore Funding

Shares in Amtek Auto gained over 19 per cent to a day high of Rs 195.75 on Tuesday after one of its arm secured debt funding worth 235 million euro (around Rs 1,800 crore).

Amtek Global Technologies, a subsidiary of Amtek Auto which contributes around 40 per cent of revenues of Amtek Group, has secured long term debt financing of 235 million euro from Kohlberg Kravis Roberts (KKR). The amount would be used to pay back bridge loans which is of higher interest.

Amtek also said that it is looking to reduce its debt by $250-300 million dollar over next year.

As of 3.15 p.m. shares in Amtek Auto traded 17.66 per cent higher at Rs 192.85 apiece, outperforming the Nifty which was up 0.2 per cent.