The company made this announcement after market hours on Friday, 9 December 2011.
Meanwhile, the BSE Sensex was up 10.71 points, or 0.07% to 16,224.17.
On BSE, 6,171 shares were traded in the counter as against average daily volume of 1.13 lakh shares in the past one quarter.
The stock hit a high of Rs 88.35 and a low of Rs 86 so far during the day. The stock had hit a 52-week high of Rs 100.80 on 7 December 2011. The stock had hit a 52-week low of Rs 28.55 on 10 December 2010.
The mid-cap stock had outperformed the market over the past one month till 9 December 2011, gaining 20.82% compared with the Sensex's 6.62% fall. The scrip had also outperformed the market in past one quarter, surging 41.08% as against 3.87% decline in the Sensex.
The company has equity capital of Rs 55.36 crore. Face value per share is Rs 2.
Amtek India's board at its meeting held on Friday, 9 December 2011, approved a proposal to raise up to $250 million through various means including loans, external commercial borrowings (ECBs), convertible and/or non-convertible debentures/bonds/warrants and/or such other instruments. The board has also approved to increase the borrowing limit to the extent of Rs 6000 crore, Amtek India said in a statement. The board further approved an increase in the limit to mortgage or create the charges on all or any of the movable and/or immoveable properties of the company to the extent of Rs 6000 crore, the company added.
Amtek India said the above decisions approved by the board are subject to the approval by the shareholders of the company and the company will, in this regard, call an extraordinary general meeting.
Amtek India's net profit jumped 98.3% to Rs 40.18 crore on 51.4% spurt in net sales to Rs 436.57 crore in Q1 September 2011 over Q1 September 2010.
Amtek India is a leading provider of iron cast automotive components in India. The company's product portfolio consists of a range of components for 2/3 wheelers, cars, tractors, light commercial vehicles (LCV), heavy commercial vehicles (HCV) and stationary engines. The categories of components manufactured are connecting rod assemblies, cylinder blocks, flywheel assemblies and turbo charger housing.
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