Amtek Auto finally liberated?

Amtek Auto opened 4.85% higher at Rs.23.80 and was frozen at the 5% UC.

There is unconfirmed news that Sanjeev Gupat owned, Liberty House has emerged as the successful highest bidder for Amtek Auto.

It was chosen as preferred H1 bidder for Amtek Auto assets which include 35 automotive component plants across India, Japan, Thailand and Spain, employing some 6,000 people.

This announcement was made on Tuesday at the committee of creditors meeting  and confirmed yesterday by the insolvency resolution professional. There is no official word yet from the company itself and the stock exchanges have sought clarification.

Amtek Auto is one of 12 large insolvency cases which the key lenders took to insolvency resolution process under the National Company Law Tribunal (NCLT).