Amtek Auto gains ahead of board meet

The stock allied 9% to Rs 39.45 on the BSE in intra-day trade on back of heavy volumes

Amtek Auto rallied 9% to Rs 39.45 on the BSE in intra-day trade on back of heavy volumes ahead of board meeting today to consider the issue of equity shares of the company.

The trading volumes on the counter jumped more than three-fold with a combined 6.3 million shares changed hands on the BSE and NSE till 11:28 am.

Earlier, this month, Amtek Auto said that the company is considering various means to de-leverage the balance sheet by selling of non-core business, minority stake in its overseas companies and sale of industrial real estate assets within the group business.

However, as on date, nothing has been finalized as yet, Amtek Auto said on February 8, on clarification on news report on that the company likely to raise $1 billion via asset monetization.