Amtek Auto which is currently mired in the vicious cycle of debt, had more news on the same yesterday. Post market hours, the company said that it has appointed Morgan Stanley as advisors to assist in the group’s debt reduction plan.

The various options include a minority stake-sale of upto 25-40% in our overseas business. During the process the Company have received a large number of enquires for the outright purchase of a couple of the Company's Overseas businesses which include for instance Tekfor group. The interest for this has come from trade players and financial players around the globe. These businesses are located in a much coveted market attracting premium valuations in the global markets. The company has said that it has various options which can be explored and it is a matter of right value-opportunity that will determine the eventual decision.

Along with Amtek Auto, all its group companies– Amtek Auto, Castex Technologies, Metalyst Forgings and JMT Auto together have debt of nearly Rs. 25,800 crore.

The market is hopeful that will bring in the much needed relief and probably a solution to the debt quagmire is in sight. The stock is today up currently around 12% at Rs.43.20 and this after having risen to an intra day high of around 14% at Rs.44.10. Volumes have almost doubled up from 2-week average of over 12 lakh to almost 24 lakh today morning.