Amtek Auto surges on heavy volumes

Report suggests that the company is close to reaching a solution with JP Morgan, which holds its NCDs worth Rs 200 crore

Shares of Amtek Auto surged over 10%, amid heavy volumes, amid reports that the auto component major is close to reaching a solution with JP Morgan, which holds its non-convertible debentures worth Rs 200 crore.

The non-convertible debentures matured on September 20, but as Amtek Auto was facing a "cash flow mismatch", it was unable to make repayments to its investors, Business Standard reported. (CLICK HERE FOR THE FULL REPORT)

Amtek Auto had raised  Rs 800 crore through fiv-year NCDs, at a coupon rate of 10.5%, in 2010.

The stock opened at Rs 46.40 and touched a high of Rs 49.30 on the BSE. At 12:12pm, over 3.3 million shares were traded on the BSE against a two-week average of 2.2 million shares.